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Business mistakes too many law firms make

Being a really good attorney does not mean that you are a highly talented businessman or entrepreneur. This is something that is really important to understand since there is a pretty large number of law firms that end up bankrupt because of business related reasons, not because of problems caused by hired attorneys. With this in mind, here are some of the really common business mistakes that often appear with law firms and that can be disastrous in the long run.
Not having a platform that is large enough

It is normal for a law firm to want to service larger clients than those that are now contracted but this is not always a good idea. In the event that you take on a larger client but you do not have the platform that is needed to properly manage operations, the result may be really bad. For instance, if you often deal with local shops and you then want to take on a national supplier as client, you want to be sure that your system can accommodate the larger needs that appear.

Focusing on just one industry

Let’s say that you are really good at dealing with car accidents, like DSS law, but during the year there are not many such accidents that happen in the serviced area. If this happens, the reliance on that part of the law can cause some pretty huge financial problems. You want to be sure that you gradually expand and that you cover different law areas so that you are protected in the long run. Having diverse clients and specialising in different types of cases does help much more than what many believe.

Not taking client needs into account

This mistake may be one that is pretty obvious but that so often happens, especially with the law firms that have been around for a while and that were successful. In many cases firms are not going to listen and will just focus on selling something. Let’s say that a large client is looking for a law firm and it presents some documents for the candidates to review. Five law firms show up to get the contract and four of them will try to sell their services as well as they can. The rest highlight a mistake that the potential client does and offers a solution. It is common sense who will get the contract.

Not taking the competition into account

There are numerous law firms that operate in the same industries. When one is successful it is possible that they will just remain stuck on success and will not take a look at the others that are quickly growing. The law firms no longer properly prepare for meetings since they automatically think that they will get the contract because of their size and past results. When you take such an approach the smaller law firms are going to eventually catch up. You want to know who your threats are and what these companies do in order to increase business operations on a constant basis.

16 Aug 2017 17:21

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About Boris Dzhingarov

Boris Dzhingarov graduated UNWE with a major in marketing. He is the CEO of ESBO ltd brand mentioning agency. He writes for several online sites such as Tech.co, Semrush.com, Tweakyourbiz.com, Socialnomics.net. Boris is the founder of MonetaryLibrary.com and cryptoext.com.




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