Legal services are facing a sluggish era that has put corporate law firms in struggling mode to stay under the profitable zone. The corporate lawyers in India are facing two archetypal options that can help in enhancing the profits rate. One of them is a traditional option that includes slashing expenses and cumulative rates. Whereas another includes heavy investment to showcase boost growth with the help of business development strategies.
What strategies can help in obtaining higher revenue?
This is the question that is asked a lot but only best corporate law firms have the answer to it. Here are the topmost business development practices that are ideal for revenue generation in the long run.
1. Client Relationships –
To ensure stability in business, client relationship plays a vital role. Strong client relationships help in boosting the firm’s growth, attaining the client’s loyalty and retention. The top corporate law firms believe in not only helping their clients but increasing their contact list via referrals. There is nothing to be ashamed of in the high-yielding process to obtain success with the help of references. In order to obtain strong client relationship, relationship intelligence and sales enhancement is the key.
2. Machine Learning and Automation –
There are mundane processes that require a lot of attention and effort from lawyers in India. However, automation is the answer to major tasks that can help in simplifying the efforts and save a lot of time. The artificial intelligence and automation help in conjuring perception that offers a substantial boost in productivity and efficiency. The proficiency can be achieved with the help of artificial intelligence to get in insight into market research. It is now easy to revolutionize the legal firms with the help of technology that can enhance responsiveness, and improve work quality.
3. Realization –
A great way to maximize the total profit is with the help of billing up the higher worked hours percentage. This helps in collecting a higher billed hours percentage for the overall work done. The best corporate law firms don’t follow a mistake to avoid geography, billing rates, and market segment while dictating profitability. Higher billing rates are a great way to guarantee profitability that is based on realization rates. It is vital to note the billing worked time, and collection of billing time. Some firms can gain millions with just a nudge on realization rates. Just make sure to send out bills on time to own it all.
4. Leave your Desk –
No work can be done easily while sitting behind the desk in order to increase the revenue of the business. in order to have meaningful conversations with a client, it is essential to get out from behind your desk and be at the front. The corporate lawyers understand this tactic that helps in nurturing the client and firm relationship. It is the foundation of any project or company to ensure the success of the business. The attorneys must carve out some minutes or a few hours with industry events, dinners, and meetings. These places have a lot to offer in terms of new prospects and fruitful conversations.
5. Cloud-based Applications –
Another technical advancement that can be fruitful for the top corporate law firms is cloud-based technology. Accessing content anywhere, anytime has a lot of importance for attorneys to boost success and productivity. The cloud-based software can easily increase efficiency with immediate impacts on staff. The data can be accessed freely while maintaining a safe and secure environment to enhance the overall productivity of a legal firm. In addition to this, it is a great way to integrate other software such as billing systems to boost growth while centralizing the overall workload.
6. Retention –
Senior associates are a vital part of the law firm that is usually avoided. Many companies don’t have this profitable timekeeper due to hiring cut back or recession. This is leading towards an issue such as attorney retention with the changing business climate. Hence, one of the biggest priorities for firms is to invest in lawyers in India for the long-term and not to lose them during a difficult time.
7. Education –
Understanding the revenue drive is a vital part of the business development for future success. The top corporate law firms depend upon having an insight into the client’s nature along with business scope through seminars, panels, and client training. This helps in generating new business aspects not only for the client but attorney as well.
8. Collaboration –
In order to score well in the revenue-generation graph, it is best to focus on cross-selling. It involves leveraging relationship that already exists and to easily work on a new one. Many companies are wary of this solution to avoid jeopardizing their existing relationships. However, cross-selling opportunities can be beneficial for the business with CRM data automation to get an insight. Even client relationships can gain nee opportunities automatically with a strong relationship with lawyers in India.
9. Investment –
We are not asking you to invest in other businesses or services. One of the biggest investments that corporate lawyers can opt lies within the firm. It holds the highest value to add to the latest technology and innovations for employees. This can guarantee an increase in their productivity level and share ideas out of the box or ideas. It will have an immediate impact on productivity and workflow to attract giant players.
The Bigger Picture…
You simply can’t afford to ignore these major aspects in the world of business development and marketing to grow revenue. The best corporate law firms work with these topmost practices to succeed in the digital era. On top of that, streamlining the processes can be a plus for employees to guarantee business growth and winning over new clients.