In a cut-throat legal environment, losing clients to other law firms is one of the biggest barriers to growth. But when the basic services you offer are essentially the same as those of your competitors, how do you differentiate yourself to make sure you keep your current client base and grow it at the same time?
Developing a competitive edge is essential to give you an advantage over your potential competitors – what is it about your firm, the way you work or the services you provide that deliver this advantage? Is it your exceptional talent? Your innovative, top-of-the-line technology? Your five-star client experience? Whatever your answer is, there may be a question that follows: what more could I be doing to punch above my weight and stay ahead of my competitors? Often, technology is the key.
What makes you different?
Differentiation can take many forms, and the way you use this differentiation to your advantage is of the essence. For example, you may have exceptional diversity and experience in legal talent at your firm, which can help make you appealing to a broad client base. You may also have a particular focus on specific industries or other specializations – making it easy for clients looking for a lawyer in those areas to associate your firm with their needs.
The way services are offered can also be a point of differentiation, and the COVID-19 pandemic has highlighted this. Personal service is always applicable in the legal field, but increasingly, clients also want to be able to access self-service options, particularly for simple requests. In a rapidly evolving, technology-driven world, meeting clients where they are and catering to their needs is essential, and that is where the right tools play a pivotal role.
Innovation and technology are at the heart of success
Keeping clients happy is essential to keeping them – simple as that. According to a recent study, the top three things that clients want are knowledge sharing, timely and relevant advice and efficient, effective service. Increasing efficiency, improving responsiveness, reducing manual and labour-intensive administrative tasks and enabling clients to get the advice and information they need, when they need it, can easily set your law firm apart.
What lies at the heart of achieving all of this is having the right technology in place. By implementing the right technology to support your business, you offer room for innovation by reducing the need to constantly focus on repetitive, low-value tasks. Legal tech tools help you to automate administrative tasks for improved efficiency, while helping deliver a personalized customer experience through a separate, secure portal for each client, which increases customer satisfaction.
Self-service options allow clients to access billing information, matter statuses, documents, and files quickly and easily, as well as communicate with your firm through secure and compliant channels to make them feel more engaged and instilled with trust. Workflows can be automated to reduce manual processes and human error, further increasing productivity and efficiency.
Colleagues can also collaborate more effectively to streamline efforts and increase productivity. The result is faster, more efficient service that in today’s world can help you gain a vital competitive edge.
Stay ahead of the game
At the end of the day, no two law firms are exactly the same, and no two clients are the same either. So, what does a competitive advantage mean to you? Whatever it looks like, client engagement must be considered. Clients today want access to information, visibility into the status of their legal matter, and the ability to act and collaborate with their attorney to drive results.
What can you do to improve customer engagement and increase your competitive advantage?
Credit: Thomsonreuters blog
