How can firms achieve commercial success in the post-pandemic world?

Article by Access Group.

Commercial success is the driving force for ambitious law firms and, speaking to our clients, it’s no surprise many have a renewed determination to re-evaluate current business practices and strategies in the wake of Covid-19.

There has never been a better time to build on lessons of the past year, using technology to support agile and flexible working patterns, embrace the growing digital economy, control costs, and increase profitability.

Virtual meetings, reduced printing, digitised services, and downsizing your office are obvious ways to cut costs but will they allow you to meet your clients’ needs? Then there are the hidden costs. How do you know whether your top fee earners are spending too long on routine work, or quietly putting in excessive hours because they haven’t had adequate training?

As well as improving efficiency for the long-term, firms will naturally be looking to bolster their revenue and profits. While commercial and corporate services were hit hard by the pandemic, demand for conveyancing, employment law, and private client services provided a much-needed boost. Many are now looking to build on these successes, expanding and diversifying their offer and growing their market share.

Whether your goal is growth through M&A, consolidating your market position, or moving into under-served markets, commercial success depends on having the right strategy in place, powered by business information and supported by good operational processes. This insights paper contains interviews with legal professionals, consultants, and influencers and looks at how firms can unlock the value of their data to drive efficiencies and ultimately increase profitability.

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