Although attorneys report substantial improvements in their initiatives toward recognizing ongoing trends in the shifting industry (e.g., The growing importance of legal technology, increased volume and complexity of information, improved efficiency, etc.), only 36% of them say their organization feels prepared to face the trends impacting their industry. Small to mid-sized law firms, in particular, struggle in the current environment.
Amid rising costs, players in the highly competitive legal industry fight tooth and nail to stay afloat. Smaller law firms, in particular, struggle to compete, but they can. By investing their time and focus on creating a growth roadmap that would enable them to deliver top-quality service to clients and grow a practice built to sell. It is worth underscoring that the expectations of clients evolve, and this change is happening at a rapid rate thanks to technological advancement.
One study reports that over 50% of barred attorneys from practices, both large and small, improved their utilization of existing technology. Meanwhile, 37% applied advanced technology (e.g., document automation, interactive websites, etc.) and artificial intelligence (AI) in their systems. The evolve-or-die mentality is apparent in the industry, leaving many attorneys from small to mid-sized firms feeling lost and unable to navigate the tumultuous landscape. Kerri Coby White, the co-founder of KerriJames, a Virginia-based consulting agency that helps law firms grow, recognizes the areas of improvement for small to mid-sized law firms to stay competitive amid the changing legal landscape.
Kerri shared, "We feel strongly about helping small to mid-sized law firms succeed in a way that we helped large law firms succeed. We have a new generation of talented digital warriors with expertise in technology. It's time for smaller law firms to utilize these assets to adapt to the shifting legal space." The visionary leader believes that with incredibly steep competition, lawyers must increase their efforts to meet client demands and make data-driven business decisions.
With over a decade of experience helping law firm owners hone their personal and professional skills to keep up with today's challenging environment, Kerri authored "The Law Firm Growth Machine." The book aims to help lawyers view their endeavors from a business perspective, providing a roadmap for growth that has been proven and tested through a series of systems they can implement within 30 days.
Kerri elaborated, "Law firms need a growth machine. A machine is a tool to make work easier, and our methodology, which utilizes existing business to generate new business, is based on that. When leads become clients, and clients become advocates, these advocates drive attention to your firm. While all this is happening, the machine reports the data necessary for further improvement. The book is a roadmap for generating practice momentum. The notion revolves around the concept of an intelligence loop.”
The CEO believes that small to mid-sized firms are not only capable of thriving but growing a practice that is built to sell. Aside from investing in a growth roadmap, smaller law firms can stay competitive and add value by adhering to four fundamental notions. Firstly, it is imperative for them to have one, a strong brand, and two, the right people, both of which add value for those who seek to sell.
It is significant to note that law firms, whether big or small, provide a service. With this, it is best to have client-centered people who go above and beyond in giving clientele the service they not only deserve but expect, creating business advocates in the process. Thirdly, small to mid-sized law firms must invest in growth by actively marketing their business. Finally, law firm owners must function as the CEO of their practice, relentlessly pursuing a positive ROI on the marketing investment, managing teams, tracking numbers, building partnerships, and connecting with the community.
Kerri, with her commitment to helping small to mid-sized law firms realize their full potential, continues to work with clients to build a practice that is profitable, ever-growing, able to recognize opportunities and ultimately exit profitably. With KerriJames, law firms can claim their market share, all while saving time, reducing acquisition costs, and boosting the business' ROI potential and value.
Name: Kerri Coby White
Email: [email protected]