CCL Resources

How to Identify New Revenue Opportunities for Your Law Firm

In the wake of the COVID-19 pandemic, all types of businesses have to think outside the box. People’s needs and the way they’re spending money are steadily changing with each new bit of coronavirus-related news. As many businesses face uncertainties, one thing’s for sure: a consistent revenue stream is a top concern for all industries as we navigate this precarious situation.

Now more than ever, it’s important to be adaptable, and that’s especially true for law practices. Here are several strategies you can employ to identify new revenue streams in these unpredictable times.

Contact Former Clients to Check In and Increase Referrals

Your previous clients are an invaluable resource for new clients, and it makes sense why. When you work closely with your clients on their case, you also build relationships with them and their families. You spend months getting to know them, their stories, and their goals. That’s why maintaining these relationships is invaluable for personal referrals.

When you leave a good impression on your clients, they will likely recommend you to the people in their lives facing the same obstacles that they have. Furthermore, when you check in on them later, you will further solidify that you view them as much more than just a number. Checking in on your clients will bolster your good impressions, and thus, your referral numbers.

In addition to contacting former clients, you can still utilize this classic referral method at this time: “give one to get one”. If you receive a lead that you can’t handle or is not in your practice area, you can refer it to another lawyer in your network and cultivate your mutually beneficial referral relationship. By maintaining your referral relationships (virtually), you can ensure that those in your network refer back to you if the need arises. Six Steps to Setting up a Lawyer Referral Network

Use Your Experience and Interests to Identify Other Potential Practice Areas

It’s now more important than ever to be adaptable and flexible. Don’t be afraid to explore different practice areas if the need arises. Your team’s  experience or their personal interests can be valuable in many more practice areas than the ones you usually focus on.

For example, if your firm primarily handles personal injury, think about the skillset needed to be successful in those cases. Personal injury cases require in-depth research into the specifics of the accidents. Your personal injury lawyers know how to read the fine print in incident reports, police reports, workers’ comp policies, insurance policies, and more. That attention to detail can come in handy in a case that requires reviewing a contract, for example.

By opening your firm up to take on a wider variety of cases, you can keep the work coming in from different avenues than before. Again, adaptability is of utmost importance in times of crisis. Use this as an opportunity to showcase the breadth of your knowledge and experience.

Listen to Your Clients’ Changing Needs

The daily struggles caused by COVID-19 vary from person to person, but many people are facing insecurity in their very livelihoods. At this time, you’re not dealing with your typical clients. You’re dealing with clients that are, on top of whatever legal battles they’re facing, trying their best to exist during a global pandemic. We all are. That’s why it’s more important than ever to understand their needs in context.

Your personal injury clients aren’t just dealing with injuries. They’re dealing with increased risk of COVID-19 exposure from extended time in hospitals or doctor’s offices. Your workplace injury clients aren’t just dealing with time off of work from injuries and workers’ comp. They’re dealing with the possibility of being let go to cut costs. Understanding your clients’ specific needs in the context of this pandemic will not only result in referrals in the future—it will result in a solid reputation for being a compassionate law practice that goes the extra mile.

Contact Client Chat Live Today

In order for these revenue generation methods to be effective, your law practice must be readily available for client inquiries. The COVID-19 pandemic has only increased our reliance on technology, and your firm needs to stay ahead of the game with the latest tech. To learn how live chat can benefit you and your law business, visit our website and contact us by phone or email today.