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Three strategies to help your law firm exceed goals in 2022

The economic contractions brought on by the pandemic caused much uncertainty and turbulence in the legal industry. Where firms were looking to invest in larger, innovative strategic initiatives, whether in marketing, technology, or practice expansion, they were forced to refocus on simply operating and retaining talent. And while 2021 saw a rebound in demand, attorney turnover also increased, creating a major challenge in improving, or even maintaining, positive client experience.

This has created a golden window of opportunity for legal firms to implement new ways to work more efficiently and effectively. Should firms wish to take full advantage of this recent surge in demand they will need to make very strategic technology investments, learn to leverage data in innovative ways, and adopt new strategies for servicing their clients and proactively guiding them through these challenging times.

Below are three strategies that can empower your firm to bring your collective expertise and experience to your clients, increasing retention rates, and growing matters in 2022:

  1. Capture all of your firm’s relationships
  2. Put your valuable data to work
  3. Deliver client experiences that drive growth and retention

1. Capture all of your firm’s relationships

Let’s be honest, attorneys do not and will not manually enter data into a CRM. However, it is still important that your firm capture the relationships at the varying levels within your client organizations—today’s legal associates are tomorrow’s general council. Best practices would include firms capturing those contacts, updating and enriching their profiles, as well as tracking their journey up the ladder within their organization, or even over to another organization, which could mean a new prospective client.

When relationship information is captured across the firm, you’re able to:

  • Start building a relationship between client contacts and your firm, not just the attorneys that represent you.
  • Take ownership of the relationships you’re investing in and decrease the risk of client defections in the case that an attorney decides to leave your firm.

<2. Put your data to work

Did you know that the richness of your data is nearly comparable to the vast experience and expertise within your firm? Why not put it to work just as you do with your attorneys? With Relationship Intelligence you’ll be able to visualize your data in ways that will inform you of all relationships between the professionals in your firm and contacts within your client organizations. Not only will you identify the relationships, but you’ll also be able to score them based on how frequently and recently they’ve been communicating. These insights can be seen at the contact level, practice level, or across the entire firm.

With the leverage Relationship Intelligence provides, your firm can: 

  • Identify opportunities to cross-sell services through white-space analysis
  • Identify opportunities for collaborations to proactively present innovative solutions and share best practice knowledge using the collective experience of your firm

3. Deliver client experiences that drive growth and retention

Demand for legal services has increased, but unfortunately so has attorney turnover. In fact, turnover rates reached an alarming 23.2% across all firms (Thomson Reuters, 2022, p.15). This presents a substantial threat to the experience your clients receive from your firm. Attorney attrition can create unsettling feelings for your clients and may lead them to decrease the amount of matters your firm handles, or worse defect to another firm. 

In order to proactively manage the client experience you will have to take a bird’s eye view of what’s going on, and drive cross-discipline collaboration to provide your clients with the systematic protocols, early strategic risk assessments, and new approaches to solutioning that they are demanding.

By taking a bird’s eye view of your firm, you can:

  • Retain clients through the proactive enforcement of ongoing meaningful and personalized communications
  • Ensure seamless transitions and uninterrupted client service with succession planning

Legal firms that take the extra step for better visibility into their business will be the ones to continue growing and securing new matters from current prospects, while minimizing the risks from internal or external economic pressures. 

Solutions, such as Introhive, are the key to making your data an integral part of your firm’s success. Learn more about Introhive and let us help your law firm succeed.

References
Thomson Reuters (2022). 2022 Report on the State of the Legal Market

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