Can firms really turn a profit by giving services away?
It seems counterintuitive, but there’s a reason why your local market doles out free samples on weekends and entertainment streaming services offer free monthly trials. In short, it’s effective. For consumers, the idea of trying something out prior to making a long-term or permanent investment is appealing and dramatically lowers the stakes.
Today, the try-before-you buy model is expanding into various industries including the legal sphere. Increasing competition in the form of DIY-legal solutions have left many law firms floundering to find their footing. Firms are struggling to reposition their services and offerings to appeal to a demographic that expects to get more, for much less.
While some firms may balk at the idea of amending their business model to appeal to the try-before-you buy-culture, forward-thinking firms are embracing change and finding creative solutions to engage with and demonstrate value to prospective clients.
How firms are leveraging free offerings
Today’s prospective legal clients are accustomed to using technology to research and find answers to their questions. They want more control over their legal matters and transparency with regard to cost and outcome. Rather than fight this growing trend, firms would be wise to leverage technology as a means to win prospects over.
Realizing the added value and associated time and cost savings, some law firms are investing in technology solutions that include a robust document automation platform. These platforms allow lawyers to quickly create and share a wide-range of simple contracts and form documents. By automating many of the labor-intensive tasks associated with drafting legal documents, such solutions not only benefit lawyers, but also offer tremendous benefits for prospective legal clients.
For example, by providing access to simple incorporation documents via a secure client portal, a firm can appeal to prospective clients at a time when they likely aren’t yet willing or ready to hire an lawyer. Giving prospective clients the free tools they need to resolve simple legal matters helps a law firm demonstrate their value and expertise. In turn, prospects are more likely to turn to that firm when they encounter bigger and more complex legal issues down the road.
As competition in the legal industry increases, providing prospective clients with a sneak-peek of your firm’s capabilities and solutions may be the most efficient and effective way to win clients over and develop long-standing and profitable relationships.