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If it was challenging to get facetime with clients pre-pandemic, that challenge has only multiplied in the post-pandemic world. As firms look for creative ways to reconnect with clients, client interviews and surveys have become more important than ever for ensuring client satisfaction, loyalty and profitability.
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This last year has brought an ever-increasing pressure to be competitive and retain the margin that pays salaries and powers growth. One outlet to maintain and increase competitiveness is the reduction of paper processes and increasing the use of technology.
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Whether they practice at global firms consisting of thousands of lawyers or decide to hang a shingle and put their name on the door, lawyers chose a path requiring continuous, never-ending hustle. Not only do they need to master the practice of law, they need to master the art of driving revenue.
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The past year posed new and unusual challenges for U.S. law firms, rattled by economic uncertainty, remote work, stay-home orders and social distancing. Despite the turmoil, profits at the Am Law 100 leapt to new heights.
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In the decade ahead, the mechanism for offsetting the effects of external market forces on profitability will shift from changing partnership composition to transforming a partnership's behavioral norms, centering on how partners behave toward each other and help each other become the best possible version of their professional selves.
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As firms and their clients continue to navigate ongoing business challenges in 2021, BD and marketing professionals first need to understand how mature their efforts are in specific areas. Then, they can look at what the successful firms are doing differently, so they can position themselves to join those ranks.
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Attorneys can utilize accountability partners to fuel the advances one truly wants to make in their efforts to build books of business.
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Law firms are increasingly adding new staff members and software to calculate their profitability, helping firms determine partner compensation and make other business decisions.
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Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
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A Look Back from the Future If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
