Not only is it challenging to make it big in business, but it’s also tough to keep up with the emergence of the digital age. Before the digital age, larger firms had the opportunity to deploy more capital towards marketing which in return allowed for more success ... While smaller firms lacked the depth to compete. Today, firms have universal access to creating a digital presence on the internet… but that doesn’t mean that every firm has a quality digital presence. Here’s how to evaluate your firm’s digital presence.
Once firms have reached a level of maturity where revenue is consistent and legal performance is dialed-in, talks of expansion are almost inevitable. Expansion of a law firm comes in a few different flavors of conquest: physical office expansion, moving up-market, and expanding practice areas. We’ll cover opening a new office in another post, but expanding practice areas is often seen as the logical next step of a successful firm compared to moving up the market.
Whether that’s expanding practice areas horizontally, for example practicing estate planning and personal injury, or expanding practice areas vertically in that your firm develops deeper expertise into one practice area, expanding a law firms practice area is a trying hurdle for operations, marketing, and the partners’ sanity. Here’s how to handle all three.