Effective Law Firm Growth Strategies
Our team has worked with law firms for over two decades. Throughout this time, we have advised those firms on different growth strategies. Each strategy has certain advantages and when executed deliberately can ensure consistent growth in the law firm environment.
MUTUALLY exclusive recruiting engagements Exclusivity between law firms and recruiting agencies can be highly effective provided the recruiting agency has the requisite expertise AND the exclusivity cuts both ways. Stated differently, exclusive recruiting engagements work if BOTH sides are exclusively committed to the other.
Lateral Candidate Marketing Most law firms know how to develop and maintain their client roster, yet they have never considered strategies on how to develop a lateral candidate pool. More specifically, few firms have effectively developed a marketing strategy focused on lateral candidates. This is a separate marketing strategy that should be considered when wanting to grow through lateral acquisition.
Identifying Differentiators AND Deficiencies While most law firms appear similar to the outside world, each has its own advantages. Examples are compensation model, leadership structure, and client management. Identifying these differentiators can be used as leverage to highlight the reasons an individual attorney or group of attorneys align with the firm’s growth strategy. In contrast, a law firm should also identify its deficiencies and whether or not they are real or perceived. In doing this, it can address its reputation and repair any weak parts that may repel strong lateral candidates.
If your firm is in a growth mindset, consider the above strategies as guidance for how it should grow. Doing so could result in success that the firm and its attorneys experience for years to come.