Be ready to say “Yes” to concerned clients
Clients need a trusted partner they can turn to for advice on how to protect their businesses, their employees, and themselves.
In some cases, clients’ questions may fall outside their partner firms’ typical areas of practice. The more prepared firms can be to provide advice on these types of questions, the more they solidify themselves as their clients’ lifelong partners. Take advantage of legal technology that allows you to quickly obtain the accurate answers your clients need during their most difficult times – even if it is outside of your legal practice area.
Be ready to take on new types of matters
According to the 2023 State of the Legal Market report, firms need to take an active approach to tackling challenges the firm may be facing. This “should involve a careful monitoring of practice areas and key clients to identify new or expanding opportunities that might emerge from a rapidly changing market. Indeed, periods of turmoil often lead to such opportunities, if firms are capable of identifying and addressing them.”
While it’s impossible to say with certainty what practice areas will be in the highest demand as we move through this year, here are some areas to keep an eye on for potential increased demand:
- Cybersecurity: Due to the increasing number of cyber threats and data breaches targeting organizations, legal issues around cybersecurity may be on the rise. Clients want to feel that their law firm can help protect them from the damaging effects of a breach and ensure they are compliant with relevant and ever-changing regulations.
- Labor and employment: Law firms should prioritize this area, as it is an ever-growing field that is vital to the functioning of society. From the protection of workers’ rights to the prevention of workplace discrimination, clients are almost always seeking legal advice to solve these issues and more, and ensure they are compliant with current laws and regulations.
Employment law can be tricky for even the most seasoned attorney. Imagine how business owners feel going it alone. This playbook helps you advise clients at every stage of their business.
- Healthcare: Healthcare regulations and laws are rapidly evolving, with new policies and laws being introduced to keep up with the changing healthcare landscape. Law firms should stay ahead of the curve and provide the best possible counsel and representation to their clients, and this provides a great opportunity to increase revenue.
- M&A: So far this year, the mergers and acquisitions industry has been somewhat volatile. However, there are large opportunities for buyers in today’s market, and this is a great opportunity for law firms to become experts in this space and secure new and repeated business.
- Litigation: Litigation provides an opportunity to utilize a firm’s existing resources and expertise in a variety of legal areas and allows firms to expand their client base by offering a more comprehensive range of services.
Having a strong legal technology strategy can make expanding into these practice areas or others easier and will ensure you have equipped lawyers with the best resources.
Be ready to fill the gaps in your firm’s expertise
Whether for an existing client or a new one, there is an opportunity for firms that don’t regularly practice in these areas to position themselves as that go-to partner. By building the expertise for a new practice area now, firms will become more valuable to clients who are facing these new types of legal challenges, while working in a rather uncertain economic climate. They will naturally gravitate towards firms they know and trust.
Armed with the requisite expertise, firms can make the process of dealing with unexpected challenges much less stressful for clients — something they will appreciate and likely remember. Forward-thinking firms are being proactive about implementing how-to solutions that allow their attorneys to get up to speed quickly on new legal practice areas, so they are prepared when clients call.
In a fluctuating market, firms may find themselves considering matters outside of their core practice areas. Just as their current clients may be seeking advice in new and unexpected areas, potential clients might be as well. In addition, referrals from other firms is always an opportunity.
Establishing new client relationships is equally important as nurturing current ones. And preparedness will most certainly be rewarded. There are a number of solutions on the market designed to help attorneys get up to speed quickly on new legal practice areas. Now is the time for firms to educate themselves on emerging demands and take steps to build their expertise.
Be ready to take action
Firms need to stay proactive to stay ahead – don’t lose sight of the health of your business. Learn more about how technology can help your firm thrive in a fluctuating market. Read our white paper, Six ways firms can win with legal technology in an uncertain market.
Learn more about how you can say “Yes” to inquiries on new types of matters. Request a free trial of Practical Law today.