Authored By: Taylor Moore, Executive Client Manager
According to Dragich, by developing relationships with larger firms, your small firm can create a steady, valuable stream of new opportunities.
Being a smaller law firm can sometimes feel defeating; chasing every opportunity to legally represent to protect your firm's growth, profitability, and success. Additionally, small-firm lawyers have an overwhelming workload, balancing multiple responsibilities and wearing hats in each department, including client retention, prospect outreach, and administrative duties. However, there is hope. Dragich suggests that doing more sophisticated work for larger clients that other firms send your way creates the opportunity for firm growth and profitability.
Here are a few tips for appealing to large law firms:
- Have a Niche: Large firms need assurance that smaller firms have the confidence and expertise to handle work similar to their own.
- Respect and Robust Communication: Larger firms may be hesitant to pass down their workload to smaller firms because it could affect client relationships and firm reputation. As a small firm, be sure to reassure larger firms by:
- Respecting their client relationships
- Adopting similar customer service standards
- Adherence to the firm's communication policies and keep them updated throughout the case.
- Fewer Better Relationships: Focus on developing a few strong relationships instead of working with multiple larger firms. It is assuring that you have a few strong friends rather than numerous acquaintances.
Corporate Restructuring: Due to the financial crisis of 2008, to drive down the costs and increase the productivity of legal services, larger firms are "unbundling." Shifting away from single firm representation by involving tiers of legal services provides small firms with the opportunity for new relationships with larger ones. Larger firms that refer to smaller ones can save their clients money, increase their reputation, and help them grow!
It is time to change, better yet, shift perspectives and stop viewing larger firms as the competition. Take this opportunity for collaboration and continue to grow your firm.
With all that said, Advocate Capital recognizes that small firms may experience difficulty obtaining access to capital. We understand that your money could be involved in case expenses and may obstruct your firm from providing the best legal representation to your clients. Here at Advocate Capital, we believe in helping plaintiff lawyers get even better results for their clients.
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