Posted by: johnocunningham | November 25, 2015

Law Firms Can Cut Costs and Invest to Serve Clients Better

Law firms are reportedly cutting costs to be more competitive as sophisticated clients increasingly shop for value.

As reported in a recent American Lawyer Media article, firms are particularly doing the following:

  • Reducing and standardizing the size of individual offices
  • Eliminating or reducing legal libraries
  • Increasing attorney to staff ratios
  • Investing in technology for document management and storage (among other things)

It is also well established that firms can become more competitive in client development by through “smart” investments in the following:

  • Investing in training so that employees are more productive
  • Investing in process improvement and project management to improve quality, speed and cost-efficiency
  • Investing in systems to produce better information about client origination, development, retention, and defection
  • Investing in content that can be posted and propagated for free online through strategic use of social media and the Internet
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