The Most Common five Mistakes lawyers do that can limit their business growth and how Lexzur can help you fix them

The Most Common five Mistakes lawyers do that can limit their business growth and how Lexzur can help you fix them

Owning and managing a law firm is a big challenge at the best of times. You might have a magnificent vision for the law firm when it was first established or even at the beginning of a new year. However, the reality of the day-to-day, losing of direction and trying to focus on the most important tasks becomes the priority. Here are the top five things lawyers and legal professionals do that can limit their business growth and how Lexzur can help them to fix them.

1. Failure to adapt to changing technologies and client behaviour

Firms that fail to make use of new technologies risk missing out on a vital chunk of the market, particularly as client behaviours are shifting towards online research and purchasing. Examples of this include not having a high-quality website, failure to utilise social media for business marketing and engagement, not investing in video conferencing solutions, and not having a robust law practice management system in place.

Law firms also need to consider the internal technical challenges that decrease productivity and therefore, affect their clients. A practice management system (PMS) that lacks sophistication and appropriate connections to third party products will harm the business, particularly in the long term.

How can you fix this?

Innovative technology that integrates well with your existing systems can keep your practice up to date. All in one law practice management systems like Lexzur allow law firms to level up their efficiency and maximize their productivity when acquiring data, billing clients and delivering within deadlines.

2. Poor financial and cash flow management

Running a successful law firm is like any other business that requires robust financial management in order to ensure adequate cash flow to run the business, invoice clients and stay compliant with other financial matters.

Any law firm, irrelevant of size, needs to have proper procedures and controls for bookkeeping and financial management. If these processes are failed to be put in place, it can result in stumbling from one disaster to another and being grateful for surviving the week. Firms also will run the risk of paying higher interest and penalties by falling behind on their accounts.

How can you fix this?

Correcting this may require renegotiating the terms on finance, and ensuring they hire people with the right skills, and having the right PMS like Lexzur to manage their accounts properly and professionally.

3. Being too busy to work on the big picture

It can be easy for the Managing Partner to try to do it all themselves to save costs, which can end up leading to a focus on short-term results and achievements. You can’t do everything yourself, and what you think will save you on costs will hurt you in the long term.

How can you fix this?

Hiring the right people and delegating tasks to those who have the skills to perform will enable you to focus on the longer-term planning, focus on the bigger picture, and keep an eye on the broader business landscape. This will involve letting go of control and trusting others to do the job!

4. Not meeting clients’ needs and expectations

Overpromising and under-delivering or not delivering on what was agreed can be potentially disastrous for any law firm! Reputation is everything in business and is even more critical for lawyers and law firms. All businesses should have clients as their top priority, as without their customers, they would not exist.

How can you fix this?

Focus on listening to your existing clients to find out what they want, monitor how their needs are changing, and always deliver on promises. It’s essential to capture this data and refer back, update and utilise these touchpoints to improve the client’s experience.

Client Portal allows Lexzur users in law firms or in-house legal teams to collaborate and communicate with their clients and requesters. Trusted by thousands of lawyers as the most flexible Client Portal that enhances collaboration between lawyers and clients, Client Portal remains highly flexible to fit in any industry of any size.

5. Being not able to adapt to a changing workforce

The way of work is changing, and not adapting could result in losing valuable employees. These days, many workplaces are embracing remote work, cloud computing, electronic communications, part-time work and flexible hours to meet the varied needs of different generations. Even highly successful large commercial firms can end up in deep water when they fail to adapt to changing business trends and customer behaviour.

How can you fix this?

Listen to your client’s needs, your employees on the front line and ensure that they and your grand vision are continually evolving to keep your firm effective and at the forefront of innovation.

There’s a lot of Legal Technology out there, which is why it can sometimes be difficult to choose what works for you.

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