Reinventing Law Practice: How to Survive the COVID-19 Era
COVID-19 is reinventing law practice. It is changing the way lawyers and law firms are doing business. Keep on reading and we’ll talk about some of the specifics when it comes to how legal professionals can survive this pandemic.
- Start a Virtual Law Practice
If you are not yet online, now is the right time to be. Starting a law firm in the virtual law office era is a great way to break geographical boundaries. It improves communication and collaboration. Not to mention, it is a great way to cut costs. In a time when office rental space is getting more expensive by the day, having a virtual office becomes a more promising alternative.
- Use Law Practice Management Software
With a feature-packed law practice management software, it is easier to operate virtually. From billing to document management, the right software can help improve efficiency in carrying out day-to-day operations. It can also function as an internal communication tool to improve collaboration between legal teams. Plus, it can be used to connect to clients, such as through online onboarding and client portal.
- Start Hosting Webinars
Traditionally, business development in the legal industry relies on conferences and other in-person events. In this socially-distanced era, however, it is important to be creative, and one of the best solutions is to host webinars. These are online events, which can be an opportunity to promote the business and increase revenue amidst uncertain times. Consider this as an effective channel to market your legal services.
- Stay Relevant
The COVID-19 might have challenged legal professionals, but this should not be an excuse to lay low and stop pursuing your market. You should strive hard to stay relevant. This is crucial to making sure the business stays afloat. From social media to email, tap different digital marketing opportunities to reach your target audience. Be proactive in overcoming the competition and exploring new markets.
- Revisit Finances
Now is the perfect time to carry out a comprehensive financial review. Analyze revenue streams and business expenses. Like many industries, the legal sector is suffering from a decline in income, so find a balance. Look for ways to minimize the day-to-day costs of running the business while exploring different opportunities to become more profitable. Learn to prioritize what is essential.
- Emphasize Cybersecurity
Surviving the COVID-19 era calls for the need to start an online practice. While it is promising, it is also susceptible to data breaches. Cybercriminals will most likely exploit the explosion of virtual law firms. Implement the strictest measures to protect your practice from cyberattacks. Otherwise, you will end up compromising sensitive information, which endangers not only your practice but also your clients.
In sum, COVID-19 is bringing drastic changes in the legal profession. From having a virtual law office to implementing advanced cybersecurity measures, lawyers and law firms must take note of the things mentioned above.
