The 3 Things To Focus On If Your Practice Is Failing To Thrive

Whether you recently started a legal or dispute resolution practice or if you have been in business for years, many entrepreneurs are finding that their businesses are struggling lately. They are facing increasing challenges in finding and retaining clients and finding a sufficient base to support their practice. There are a number of reasons for this, the main one is often an adherence to the “that’s the way I’ve always done it” mindset. The world around us, and our clients have changed quite a bit in just the past few years, and we need to keep up.

In today’s rapidly evolving world, the legal profession finds itself at a pivotal crossroads. The rapid pace of change has presented three significant hurdles legal practitioners face, including intensifying competition, the rapid pace of technological evolution, and the ever-changing needs of clients. These challenges, while daunting, also present unparalleled opportunities for those willing to embrace innovation and adapt to the new landscape of legal services.

Understanding the Landscape

The legal sector, including dispute resolution, is experiencing a seismic shift, with traditional practices being challenged by the demands of a digital age. This transformation is driven by a need for greater efficiency, transparency, and client-focused services. If practitioners are willing to evaluate their current practice in these three areas, identify where improvements can be made and implement those changes efficiently, then their growth is often super-charged! Let’s take a look at the main areas where we are stagnating.

Strategies for Success

Here are three key strategies for legal and dispute resolution entrepreneurs to thrive, along with actionable examples, resources and some relevant podcast episodes from The Make Money Mediating Podcast that explore these strategies in depth.

1. Embracing Technological Advancements

Technology is revolutionizing the way legal services are delivered, offering opportunities to improve efficiency, client service, and access to justice. Legal professionals can:

• Automate routine tasks: Use legal practice management software for client intake, document management, and billing to save time and reduce errors.MMMP Episode: Easy Technology to Create a Better Client Experience with Automation on The Make Money Mediating Podcast with Susan Guthrie #407 – An exploration of tools that automate administrative tasks, allowing mediators to focus on their clients.
  
• Adopt AI and machine learning: Implement AI-based tools for legal research, contract analysis, and prediction of case outcomes to enhance decision-making and strategic planning.MMMP Episode: How ChatGPT Can Take Your Practice to the Next Level on The Make Money Mediating Podcast with Susan Guthrie #413 – Discusses how artificial intelligence is transforming dispute resolution processes.
  
• Utilize online dispute resolution (ODR) platforms: Offer services via ODR platforms to facilitate mediation and arbitration in a virtual setting, expanding access and convenience for clients.MMMP Episode: Getting it Settled Online: Leading Dispute Resolution Professional, Ana Sambold, Shares Her Top Tips on The Learn to Mediate Online Podcast #128 – Covers the benefits and implementation of ODR platforms in mediation practices.

2. Innovating Business Models

The traditional billable hour is increasingly under scrutiny, prompting legal professionals to explore new business models that align more closely with client needs and preferences.

• Subscription-based legal services: Offer ongoing legal support for a fixed monthly fee, providing predictable costs for clients and steady revenue for the practice.Subscription Services in Mediation – A look at how subscription models can be applied to mediation services for both businesses and individuals.
  
• Unbundled legal services: Allow clients to select specific services on an as-needed basis, making legal assistance more accessible and affordable.Unbundling Legal Services: A Path to Accessibility – Discusses the benefits and challenges of offering piecemeal legal services.
  
• Flat-fee services for specific tasks: Charge a single, transparent fee for common legal tasks or cases, simplifying billing for both the practice and the client.LinkedIn Post on Flat-Fees – Examines the shift towards flat-fee billing and its impact on the industry.

3. Prioritizing Client-Centric Services

Focusing on the client experience is essential for differentiation and building long-term relationships. Legal professionals can enhance client satisfaction by:

• Offering personalized legal solutions: Tailor services to meet the unique needs of each client, demonstrating a deep understanding of their challenges and goals.
  
• Improving client communication: Utilize client portals and regular updates to keep clients informed and engaged throughout their case.
  
• Providing value-added services: Offer workshops, legal education, and other resources to help clients navigate their legal issues beyond the immediate case.

By implementing these strategies and learning from real-world examples and discussions on The Make Money Mediating Podcast and in this Practice Building Tip of the Day Newsletter, legal professionals and dispute resolution entrepreneurs can navigate the challenges of the modern legal landscape and position themselves for success. Be sure to subscribe to both, because I have more content on all of the above in the pipeline – you don’t want to miss any of it!

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Susan Guthrie

Susan Guthrie, nationally recognized as one of the Top Family Law and Mediation Attorneys in the country, has been helping individuals and families navigate separation and divorce for more than 30 years. Susan provides legal coaching services to select clients around the world.   Susan recently partnered with legal and mediation legend, Forrest… MORE >