How can a small legal firm survive in recession
Attracting more clients remains to be one of the prime objectives of every business. A small law firm or even solo attorneys are no exception. When it is recession, searching for clients becomes all the more focussed activity of the business.
How can a small law firm do this?
Recession or no recession, people do need legal assistance even during difficult economic conditions. There are contracts to be written, many legal tangles in the businesses to be resolved. There is no reason why things should slow down for a small law firm?
Although law firms are not bogged down by the bad time in the economy, getting good clients becomes difficult for small law firms or solo attorneys during recession. Number of referrals comes down in an economic slowdown since small business owners don’t look for more clients as they had been in the past. This leads to reduction in number of issues that need to be referred to legal firms for advice. The downturn in business of those clients who refer problems to law firms, indirectly results in lesser number of referrals to small law firms.
The small law firms can combat recession and succeed in attracting more clients by adopting low cost ways described below.
Let clients know why you are the best choice:
During recession it is quite possible that many people may enter into area of your expertise. Let your clients know that this is happening and stress that you handle issues with total commitment and not on a part-time basis. If you are dealing in real estate issues, explain to your clients that you aren’t criminal attorney who also takes a few real estate cases for survival of business.
The reason people hire your services in good economic conditions becomes more important when economy is down. Highlight your unique strengths and convince clients why you are the best choice.
Help clients understand why you don’t bargain
Paying less often affects quality of work. Make your prospective clients understand this. Help them realise adverse impact on their business if their work is botched. What will be their loss if their case is not handled properly? Let them understand difference it will make to their cause, if you represent their case. By convincing in this manner you will not be required to lower you’re fees.
Be in touch with clients and increase your media exposure
Keep in touch with as many people as possible. If you are on top of their mind, they may connect you with those who need legal assistance. This happens quite often than you expect. Invite people to breakfast or lunch to know them. Try to help them by providing referrals to their business. They in turn will reciprocate for your gesture. More you help them, more they will be willing to help you.
For being different from others, send them greeting cards with messages like: “We all at law firm XYZ wish you happy New Year” or “Thanks for remembering us” and providing brief introduction of your services on the other side of the card. Greeting cards are very economical means of effective and convenient publicity to attract more clients to your legal services.
The key to survival of a small business in an economic downturn is to expand your reach.