Have you decided on your 2023 growth initiatives yet?
The legal industry is continuously evolving and expanding at an exponential rate. Currently, there are 1.3 million lawyers in the United States and statisticians indicate that this number will increase by 4% in 2023. This means there will be roughly 52,000 new lawyers entering the industry of law thereby increasing competition for all existing lawyers and firms.
It is imperative that law firms have a solid growth strategy in place if they plan to remain competitive in 2023. The growth strategy should aim to increase the overall revenue of the firm, and naturally, revenue operations is a great starting point for law firms to see their firms’ reputation and network grow immensely.
One way for law firms to successfully implement revenue operations is by diversifying their services via cross-selling initiatives. This could include expanding into new practice areas, such as intellectual property or international law or offering additional services. Diversification helps to mitigate risk and can open up new opportunities for revenue generation as well as retention of clients by fulfilling more of their legal needs.
The world is changing and technology is fulfilling key functions in giving law firms a competitive edge to their strategies. One way is by focusing on client acquisition and retention via a Key Client Program. This can involve implementing a strong client onboarding process, building relationships with potential clients through networking and marketing efforts, and providing excellent client service to encourage repeat business.
These different projects and initiatives can be implemented and managed by Revenue Operations, which is a data-driven approach to managing and optimizing the revenue-generating activities of the firm. Alongside this is the onboarding of legal technology, such as Nexl Revenue Operations to streamline processes and improve efficiency.
When choosing a growth strategy, it’s important for law firms to consider their strengths, resources, and target market. It is also crucial to constantly evaluate and measure the effectiveness of the chosen strategy, and make any necessary adjustments. By using a legal technology tool such as Nexl, your firm’s growth projects and initiatives will automatically be tracked and reported on.
A strong growth strategy that leverages the power of legal technology and Revenue Operations can position your business for success in the competitive legal landscape of 2023 and beyond. Nexl has put together a guide on the top strategic growth projects law firms can use to launch their RevOps strategy. Download the whitepaper guide for easy viewing by clicking on the button below.