London is right at the head of the UK’s thriving legal industry, but with Brexit, cyber security threats and new competition on the market, many small businesses operating in the sector are facing new challenges. Let’s take a look at some easily digestible steps solicitors and firms looking to expand their client base in the legal sector can take.
1. Hire unconventionally
As a growing law business, you may find it difficult to budget-in new hires. Despite monetary impediments, there are still some options for employing new team members. Offer hourly rates, advertise part-time work, or provide desk space for interns looking to gain experience beyond the classroom. These cheaper options can multiply staff to increase client numbers.
Costs can be considerably reduced by outsourcing work to locations that offer lower wages, and there’s a growing trend towards this in the legal sector too. Routine work you’d ask an associate to carry out for higher charges can just as well be done by a foreign lawyer with the same qualifications. Think of extensive document review projects, for example. When outsourcing work and handing over clients’ private information, remember to be mindful of GDPR, the new data protection legislation.
3. Ask for referrals
Making the decision to grow shows you’ve been in the business for a long time. Enlist the friends and contacts you know in the profession and build your network of connections. Ask these professionals for referrals and to recommend your services. These people can potentially provide a great deal of new business, so maintain and tend to these relationships with care.
4. Cultivate a trusting image
Create a transparent online and in-person image. Clients entrust you with their money, their personal thoughts, and their future, so developing an honest, dependable impression is critical when adding to your client base. Did you, for example, know that most of a law firm’s website traffic goes to the solicitors’ bio pages? Make sure your bio is engaging and informative.
5. Bring in expertise
Growing your law firm can be an exciting challenge, and with the help of accountants for law firms, this process can see success. As specialist accountants for solicitors and law firms, Berley Chartered Accountants not only offers the accountancy and business services you’d expect to receive from an established accountancy firm in London, we also focus on business growth. Our aim is to help you maximise your income while also identifying ways you can save on taxes.
Call us on 020 7788 8261 to talk with specialist accountants for solicitors and law firms.