Despite the seemingly endless curve balls that 2020 continues to throw at us, creative-minded attorneys can still find ways to help their law firms thrive in the midst of it all. Rather than bemoan the things about this situation that we can’t change, let’s continue to brainstorm about some fresh ways to regrow your law firm in the face of our current challenges.
Take on a New Partner or Practitioner
One creative way to expand your law firm’s reach without an excessive amount of legwork is to add a partner or practitioner to your firm. Just as people take on more roommates during housing shortages or in high-rent areas, you may easily find a like-minded attorney who can no longer justify paying rent on his/her space and is happy to share the cost of yours. If you are both willing to join forces in a new business partnership, you can essentially double your combined clientele. If your new partner focuses on a different practice area than you, this can also be an effective way to add a new practice area as we described earlier [link to part 1] without having to expand out of your “niche.”
Become an Authority in Your Field
If you’ve experienced more “downtime” than you’re comfortable with, there’s never been a more perfect time to start creating content that establishes you as the “go-to” person in your area of practice. Write that book you’ve been putting off. Start a podcast. Build your social media presence. Host online workshops and masterclasses for your clients and others they might invite to the chat. Make yourself available as a speaker for other people’s classes online, or even as a legal expert on news programs. Build your authority and name recognition now so down the line, yours is the first name people think of when they need the type of legal services you provide.
Think About a Full Reboot
If the other ideas we’ve brainstormed here either don’t appeal to you or don’t seem to work—if you don’t want to add practice areas or a partner, or if you don’t feel you have the energy to invest in becoming a voice of authority—it might be time to think about completely rebooting your firm. It may feel like a last-ditch effort and a huge risk—and it might be—but chances are if you’re feeling this way, you’re in the wrong type of law practice, anyway. Your best hope for survival is to start over doing something you would enjoy better, and the downtime from the pandemic gives you the perfect opportunity to retool your firm. Make the reboot as drastic as you want—a new area of focus, new branding, new name. Try to focus on law practices that are in higher demand right now (e.g., personal injury, estate planning), or at least on areas of practice that seem to be recession-proof.
Obviously, you might not relate to all these ideas, or in fact to any of them. That’s fine. The main takeaway is to be creative, agile, and adaptive in your approach. Times may be tough right now, but tough times always bring new opportunities. The people who thrive in tough times aren’t the ones lamenting what is lost—they’re the ones who continue to imagine the possibilities. If your firm is struggling, we can help you retool your thinking and strategies for a new season. Give us a call at 888-375-2573.