Building a Scalable and Sustainable Legal Practice
A small number of major clients can be comfortable. Relationships will run deep and the trust that is established can be a barrier to other firms competing for the same business. However, an over-reliance on the status quo carries serious risks. Despite doing everything to keep these clients happy—running a client-centred law firm through exceptional service, strong relationships, and competitive pricing, for example, there are always unpredictable externalities.
There may be a change of ownership, or a key figure leaves the client firm. A proactive way to ensure that your firm doesn’t run into this risk is to leverage referral marketing. This sustainable practice is a sustainable, and cost-effective tactic to drive more clients to your firm and diversify the concentration risk. With the dedication of limited resources and a few processes put into place, a referral program can be up and running in a short amount of time.
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