A new report from legal software specialist Access Legal has identified three key priorities law firms must consider to achieve business success after the pandemic.
Whether law firms are looking to grow or consolidate their position in the market, Access Legal’s report, How Can Firms Achieve Commercial Success in the Post-Pandemic World ?, provides insight into sustainable cost savings, turning cost savings into revenue and unleashing the value of data.
According to recent figures from the SRA, the legal sector has remained broadly stable during the pandemic. From December 2019 to December 2020, the number of regulated companies decreased by 1.9%, with 426 new companies opened, while 539 closed. But the pandemic has led many law firms to reassess current practices and strategies to cut costs, improve operational efficiency, and boost both client and talent attraction and retention.
To help businesses seeking to achieve these goals, Access Legal’s report provides industry-wide research and insight. It reveals how one company slashed printing costs from £ 12,000 in April 2019 to £ 200 in April 2020 to achieve significant savings, while its own research on training in the industry found that 96% of companies want specific legal training to help develop talent. for a path of growth. In the final section, The Real Value of Data, data-driven businesses are 23 times more likely to outperform their competitors in customer acquisition.
The report includes first-hand advice from legal experts covering cost savings, revenue and data. Liz Hulme, Practice Director at Taylor Brown Solicitors provides insight into how adoption of technology has enabled their business to become more agile and streamline communication with customers. aton Balkitis, lawyer specializing in motor transport and partner at Rotheras And Keep Me On The Road, examines how law firms should recognize that their time is valuable, not just for earning fees, but for improving work-life balance. While Charlie Jones, Head of Finance at Wolferstans Solicitors, discusses its data analytics strategy and why it is vital to understanding customers and the market.
Speaking of the report, Doug Sawers, Managing Director of Access Legal believes there has never been a better time for law firms to use the lessons learned to embrace growth. He says:
“Business success is the driving force behind ambitious law firms and it’s no surprise that many have a renewed determination to reassess current business practices and strategies in the aftermath of Covid-19.
“Many companies are now looking at communication and customer experience, retaining and attracting talent, what technology they have and how they use it – this is a real turning point and a period. positive change. This is why this is now a great opportunity for companies to grow and they should consider the three priorities our report focuses on, sustainable cost savings, turning cost savings into revenue and valuing the value of data.
“Whether your goal is to grow through M&A, consolidate your market position, or move to underserved markets, business success depends on putting in place the right strategy, fueled by BI. and supported by good business processes.
“Our report offers insights and advice to law firms. Of course, every business is different in terms of services, structures, and people, but cash flow, overhead, and things like the tightening PII market are ongoing concerns for businesses. The report identifies these key considerations to help find opportunities to scale and maximize business potential. “
Access Legal is part of The Access Group, one of the UK’s leading software providers. The Legal Software division supports clients of 3,500 law firms, including Eversheds, Winn Solicitors, Wolferstans, Minster Law, Neves Solicitors LLP and The MAPD Group.
You can read Access Legal’s full report, now available online – How Can Businesses Succeed Commercially in the Post-Pandemic World?
This article has been submitted for publication by Access Legal as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the author and not those of Today’s Conveyancer.