Recently in the 2016 State of U.S. Small Law Firms Study, Thomson Reuters asked which challenges are facing small law firms today. Not surprisingly, “keeping up with changes in the law” was consistently in the top ten. In fact, 54% of small firms are feeling pressured because of constant change in the practice areas that they help their clients navigate.
In an age of fast communication, technology facilitates more efficient discussion and decisions. Legislators specifically respond more quickly to the changing needs of their constituents. And as a result, the practice of law becomes busier for the attorneys who need to make sound advisory decisions. And oh yes, you also need to run a profitable business.
How does an attorney keep up, when today’s right answer is not yesterday’s or tomorrow’s?
A new infographic visually explains how lawyers in small firms are being squeezed, and how you can adjust. For example:
- Clients: 68% of law firm leaders believe that increasing demand from clients have negatively impacted their business.
- Regulations: A dramatic increase in major regulations offers an opportunity but only if you can stay on top of the ever-shifting goal posts.
- Business Growth: Up to 26% of a lawyer’s time is spent on activities other than legal work, which makes it challenging to grow your firm’s revenue and profit.
The solutions to these challenges may surprise you. For example, the infographic explains how to bill more in the time allotted to legal work, not how to shift hours. You don’t want to reduce your networking activities for example.
Take a look at the infographic now. No registration is required.
If you find the infographic intriguing, schedule a quick consultation for more details on how to make your law firm more competitive.