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Similarly, the experience deprivation and lack of connection during the pandemic reminded clients how much they value a humanised client journey. Paradoxically, clients are also increasingly drawn to firms that leverage technology to be more efficient and cost effective. This leaves small firms with the somewhat challenging expectation of accelerating digital service delivery whilst simultaneously investing more time in building relationships, understanding preferences, and offering enhanced experience. This is where understanding what your clients truly value becomes essential to gaining a competitive advantage.

When we combine these market shifts - such as economic pressure, diminished local bias, easier comparison, accessibility of knowledge, and increased competition - it isn’t surprising that clients have become more value conscious and likely to change provider at the first hint of dissatisfaction. Whilst this poses a client retention challenge, it presents equal opportunity for proactive firms who are prepared to invest in better understanding their clients’ needs. 

At the same time, our report has found that 70% of small firms find keeping up to date with the changes in the legal industry and law a challenge. So how do you recommend small firms meet the near constant changes to the legal industry and the law, whilst keeping up with client demands? 

Navigating the constantly changing legal landscape, whilst meeting increased client demands and expectations presents a significant challenge for small law firms. Developing a proactive culture of continuous learning, with a focus on employee wellbeing and more sustainable high performance has never been more important. 

Developing an architecture for systematically reviewing client feedback, workload, continuous professional development (CPD), knowledge sharing, and collaboration is essential to ensure your firm remains up to date on relevant legal matters, whilst meeting client demands. Regularly collecting client insight ensures you are adding value and meeting expectations in the right areas, whilst avoiding time wastage on the things of little importance to your clients. A CPD and knowledge sharing routine, where fee earners take turns researching new legislation and case law before briefing the team, encourages everyone to take responsibility for keeping on top of legal developments and fosters a culture of peer-to-peer learning. 

For those that don’t have the luxury of restricting their legal expertise to a specific area, how have the small firms you’ve worked with managed to pivot from one area of the law to another - and meet the expectation that they’re 'experts in everything'?

In periods of rapid legal development, being an ‘expert in everything’ can quickly become unsustainable. Small law firms are often better served by focusing on their core competencies and areas of expertise. If a firm has a practice area where they have a competitive advantage, deep subject matter knowledge or great reputation, it is often wise to invest in developing and strengthening this area, to establish a reputation as a go-to provider. This strategy is often well supported by leveraging collaboration and strategic partnerships with other law firms, to fill emerging gaps in service offering. 

For those firms looking to pivot into new areas of law, the current market requires caution. Firms that have done this successfully take the time to carefully consider market research and analyse emerging trends, growth opportunities, client demands, and likely success. They develop a clear step-by-step roadmap and action plan for transitioning into the new practice area, with targeted and proactive marketing and business development activities to establish credibility, trust and authority in the area.

Discover the full findings in our free report, Bellwether 2024: Lessons on law firm growth. Download today!