Law firm growth: insights & strategies

As per usual, Clio’s 2019 Legal Trends Report is filled to the brim with insightful statistics and informative data that reflects the trends law firms have recently been experiencing. We’ve compiled all of the critical information and data that your law firm needs to know from the report in the infographic below. We’ve highlighted key statistics from the report that clearly identify not only the most common issues that have recently impacted law firms, but also the most effective ways to resolve those issues to achieve ideal results.

This year, Clio’s report focuses on a topic that law firms and legal practices frequently grapple with: growth. Learning how to develop a strong and reliable conversion strategy that keeps previous clients coming back and potential clients coming in is arguably one of the most significant yet demanding components of any law firm’s success. This has proven to be not only time consuming, but expensive, as lawyers and legal professionals have been found to have difficulty:

• Answering calls and emails from clients
• Converting leads into clients
• Maintaining positive client relationships
• Sustaining growth and revenue
  

In fact, law firms struggle with responsiveness and growth at an alarming rate:

• 44% of law firms’ phone calls go unanswered
• 58% of consultations don’t result in a new-client retainer
• 68% of leads communicated with a law firm they didn’t hire
• 68% of potential clients’ emails receive no response
• 64% of consumers who contacted a lawyer they didn’t hire said the firm simply didn’t respond
  

What do these statistics show us? That clients are getting ignored, leads are being screened poorly, and that lawyers are losing time and money on deals that are not being made. This has resulted in an average loss of $53,000/year. Failing to respond to clients and not following up on leads is costing firms not only clients, but revenue, as well.

Your law firm can avoid making the same mistakes and be able to start attracting and retaining clients for years to come by making simple yet impactful changes to your approach, such as outsourcing tasks and utilizing a virtual receptionist service.

In doing so, your law firm can:

• Improve overall responsiveness
• Boost productivity, efficiency, and profitability
• Strengthen client relationships and law firm reputation
• Convert more leads and develop more sales
  

If your law firm or legal practice is hoping to resolve its stunted growth and learn how to strengthen its conversion rate so you can see an increase in clientele and revenue, we hope our infographic can provide you with the solutions you’ve been looking for. Feel free to read the full report if you’d like a deeper dive into the data we covered in our infographic.

To learn more about law firm trends from previous Clio reports, read our infographics from 2018 and 2017.

And, check out our case study to see how Smith.ai’s virtual receptionist services can help law firms like yours make a lasting impression on clients.

Contact Us

If you'd like to explore how Smith.ai's receptionists can help you run a more responsive law practice, we'd be glad to speak with you. Get started risk-free with our 14-day money-back guarantee. You'll quickly see why our clients say working with Smith.ai is one of the "best business decisions" they've made. Contact us Monday through Friday, 5am – 6pm PT / 8am – 9pm ET ET via phone at (650) 727-6484 or via email at support@smith.ai. We look forward to helping you strengthen and grow your law firm.