The economy will always rise and fall. Things are great when the market is bullish, but people begin to panic when it turns into a bear. While your gut reaction to market volatility may be worry and anxiety, it’s important to remember that like all turbulent conditions, it will eventually pass. In the meantime, you can use this time to not only improve your practice but even grow it. Let’s take a look at a few steps you can take while you’re waiting for the situation to improve.
Be Proactive with Existing Clients
When client intake is slower, focus on your existing clientele. Your goal right now is to remain stable and not lose revenue. Keep providing the high levels of service they have come to expect from your firm while taking the following proactive steps:
- Keep delivering the outstanding service they expect. If you lose clients, you can’t grow your practice.
- Email them regularly to check in, even if you don’t have anything new to report about their file.
Your existing clients will feel valued when you take a proactive approach to communication. The more clients feel that they matter, the more likely they are to stay with your firm even during financially challenging times.
Continue to Provide Value
Focusing on providing value is even more crucial in a tough economy. This will not only improve the client experience, but can also result in practice growth. Some ideas include:
- Reaching out to clients who may benefit from additional services within your practice area (estate planning, business law, and financial planners can really shine here).
- Scheduling regular meetings with clients who use your firm for recurring services, such as general counsel, and providing recommendations or advice that’s appropriate for their current situation.
- Contact clients who may use other firms for services that you also cover. You may win new business from them!
Demonstrating value is great for not only retaining existing clients but also increasing the business you receive from them.
Work with Your Team to Improve the Client Experience
No matter how good your team is, there is always room for improvement. In fact, the highest achievers eagerly embrace constant challenge and growth. Talk to your employees and find out what they may need to provide your clients with such a world-class experience so they won’t want to work with any other law firm.
Don’t Be Afraid to Try Something New!
Understand that you may need to be flexible, similar to your firm’s vision. Everything should be ready to change if necessary, whether it’s policies, protocols, procedures, or pricing. Trying something new may be exactly what your firm needs to get back on track and move forward once more.
Conclusion
What is the key to being successful when others aren’t? Your level of success is determined by how you treat your clients. Making sure you address their day-to-day and long-term needs will make them a lot more confident about partnering with your firm. This level of loyalty can keep you moving comfortably along until the economy improves.
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