Contribution regarding personal injury law firm management techniques:-
The number of PI law firms in the United States is increasing at a remarkable rate. Every day a new firm is opened by some veteran PI lawyer or an ex-employ of previous firms. This saturation, particularly in PI is making things more challenging for firms. The client to firm ratio is low, that is why firms have to do a lot more than before to survive. An extensive amount of money is being spent on marketing, advertising and building PR. From a profitability stand point, some are earning a lot and most of them are struggling.
Marketing is an effective tool to improve client intake but firms are spending too much on it than required. It seems that there is a competition among firms to spend more and more on advertising. Too much advertising sometimes become ineffective. It costs two valuable resources, time and money. There is a lot more that can be done to improve client intake. Executives are not paying attention on clients and firm’s management because they are more into ads and marketing. This is how a firm starts losing its customers. The basic advertisement for a firm is client satisfaction. A happy client is a positive advertisement and an unhappy client is a negative advertisement.
Management of any law firm affects client intake. Numbers of law firms have made their way successfully in the market because of effective management. They attract a good number of clients without spending too much on marketing campaigns. I was surprised by this, so I did a thorough research in finding their management strategies that made them successful. Of course, it’s a long list but I have filtered some of the best. These management strategies are common for all big or small firms.
- First of all, make a firm’s strategic plan. Have a deep study of market and set goals for yourself. Try to look over the horizon and see what’s coming next. For any firm, to make its place in market, it’s very important to make plans ahead of time.
- In any law firm, particularly in PI firms the flow of information in very important. In Personal Injury Claims information is a valuable resource and must be used effectively. Better flow of information helps in working and serves client efficiently. If anything obstructs the flow of information, try to eradicate it as soon as possible.
- Don’t improvise while taking information from clients, it leads to mistakes. In such cases, critical information is skipped and data gets very hard to interpret. Create a law firm management policy to regulate the process of getting information. It is recommended to interview clients using a checklist so that no important information is missed.
- Always keep the data and information of client safe and classified even after the claim is settled. It’s a double victory, firstly is a builds a relationship of trust and confidence and secondly, it keeps the flow of information running.
- There are a lot of information management soft wares available. They keep data safe and secure and chances of error are minimized. These soft wares copy data from one form and automatically fill the rest. Entering information separately increases the chances of error and loss of valuable information.
- Entertain a reasonable number of clients according to the number of attorneys available. Don’t burden yourself and keep the existing clients happy. Learn to say no. As mentioned earlier for any firm either law or consultancy, the satisfaction of existing client is the key. For instance, I am taking an example of a business consultancy firm that helps in business setup in Dubai. For a firm like this, it’s very important that their existing clients have no complaints from them. A Personal Injury claim is a very sensitive issue and clients demand to be dealt with full attention from their firms.
- Accurate budgeting of finances is very important. 8-10% is generally recommended for marketing.
Personal Injury Law Firms are going through a period of recession, however, things are expected to get better is coming years. The competition is tough but these management strategies will make you stand out from the rest.
About the author: Brenda Cagara
Brenda Cagara has been writing for websites, articles and blogs for five years now. She had a fair share of writing on variety of niches but her main focus on law, business, finance and taxation. Currently, I am working with business consultants in UAE (Riz & Mona) which offers company formation and business setup services across all states of United Arab Emirates. Our other services are products registration, visa processing, bank account opening Dubai, trade license, trade mark, local sponsors and many more.