uLawPractice Blog

Legal Technology for Small Firms - How to Compete and Prosper

Posted by Admin 2 on Jul 20, 2016 8:04:42 AM

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Solo and small law firms have different pressures than large firms. Although subject to the same rules and oversight they don’t have the same resources to assure compliance, avoid malpractice or focus on marketing. Every one in a small firm is a “utility” player – there are no specialists, everyone contributes to a matter or an activity - as a result communication, coordination and collaboration become the foundation blocks of a good practice.
Add to this the changes in the legal landscape and you have a perfect storm. Legal consumers, whether individuals or corporations have access to vast knowledge before engaging a law firm. Google, US Legal, Legal Zoom, AVVO and other sites provide scoring of lawyers, free legal advice, discounted forms generation, fixed price packages, etc. By the time you talk to your prospective client for the first time they have formed an expectation on what services they need from you and what the cost should be.

Virtual law offices, accessible from mobile devices provide a lower cost of operations, a faster response to clients and fewer billing and communication errors. If this isn’t you its your competitors.
In this hyper competitive market, you need to make the right decisions and choices on the direction of your Practice. And to do that you need information. Information that can only easily come from the correct selection and efficient deployment of good technology.

Good technology:

  • Drives profit and extends capabilities, allowing the lawyer to do more with less, minimize billing leakage, leverage lower cost resources and avoid client and regulatory complaints.
  • Should work for the Lawyer not the other way around. It should be an intuitive, seamless experience, always current and always on.
  • Fills a need and addresses a real problem. It is not built for the sake of itself or its author but to satisfy an identified and confirmed market need.
  • Is priced fairly. Free is best low cost is realistic. It is not value priced but rather priced based on investment, operating costs and fair margins.
  • Is customer research driven, created as a result of interacting with and listening to the entire ecosystem, end user, consultants, regulatory bodies and lawyer's clients.
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    In order to compete and prosper as a Solo or Small Firm you have to:
  • Provide superior service at a fair price
  • Avoid billing errors
  • Focus on the silo of law that delivers the most value to you and the client - Go with your strengths
  • Pick the right clients - not all clients are created equal - there are good and bad - think LTV (Life time value vs. transactional value)
  • Direct your marketing efforts at the right market using the right vehicle - maximize your marketing dollars
  • Don't forget the business and regulatory side of your practice - pay attention to fiduciary responsibilities
  • Communicate regularly with clients and with staff - using all vehicles traditional and digital
  • Leverage technology to do more with less. Grow revenue, improve productivity and push the work down to the resource
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    uLaw is such a technology.

    uLaw provides an integrated Legal Practice Management system with built in general and trust accounting running at all times in the background. A totally mobile solution available on any device from any where at any time. Court form and compliance form generation automatically ensures the solo and small law practitioner is always on top of obligations.

    But for making the forward looking strategic decisions uLaw provides robust analytics that help you make the right choices. In order to determine what to focus on in the future you need to understand the results of past efforts.

    uLaw analytics allow you to understand the most/least profitable cases, most/least profitable clients, overall profit or loss by a specific period, where your time went and where your money was made.

    As a Solo or Small Firm Technology is your friend, your partner and an extension of your skill set.

    For more information on ulaw or a 30 day free trial go to uLaw.

    For reviews of uLaw by other Solo and Small Law firms go to:

    About uLaw

    uLaw is a Canadian, cloud based, integrated legal practice management, general accounting and trust accounting, system accessible anywhere, anytime from any device. Simplified accounting, built in Law Society guidelines, automated court forms and powerful analytics allow solos and small law to operate efficiently, saving time and money with the comfort in knowing they are compliant with law society regulations.
    For more information on uLaw: 1 844-333-8529 – email info@ulawpractice.com www.ulawpractice.com

    Contact
    Glenn Myers
    416 347 7551
    info@ulawpractice.com

    Topics: Video