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Legal Industry Strategy – A guide to becoming profitable during a recession

Legal Industry Strategy – A guide to becoming profitable during a recession

Become one of the best-prepared firms to weather the storm of a recession or an economic crisis. This article will help you make now the needed decisions to succeed.

The Lawyers Global

Published on Friday, 7th October 2022 – 10:50:43 am by The Lawyers Global
Reading time: 3 minutes | Word count: 743 words

How the Legal Industry can become profitable during recessions.

Overcoming the current global economic crisis and recession for Law Firms might be challenging but profitable. We've seen the COVID-19 pandemic and foresee it with the increasing global financial crisis and recession.

Tech-oriented law firms with diverse practice areas and client-oriented business models are the best prepared to weather the storm of a recession or an economic crisis.

 

Predicted effects

The first factor to recognize is that people and businesses will always need lawyers, especially when problems start to grow due to financial crises, recessions, or any other crisis that affects the ordinary life course.

Although law firms must adapt while facing the effects of recessions, there is still plenty of space for reorganizing their inner workings and maximizing the practice areas that will become the most required and profitable due to consequential demand.

Bankruptcy, Restructuring & Insolvency, Family Law, Criminal Law, and Civil Law are unlikely to be affected because demand will still exist and grow.

Other areas, primarily corporate and business law, might slightly dwindle as companies will most likely start making some cuts on their budgets for legal matters.

 

Show up. Don't cut to the point of becoming unnoticed.

Investing in legal marketing is crucial. People are looking for lawyers because that's what they need most while facing problems and challenges.

Showing up might challenge law firms and the pressing need to readapt their teams. Maximize, move, and reorganize their lawyers and staff to the areas with the most demand.

No individual or business will be immune to the effects of the recession, yet some will be more negatively affected while others may profit if the right strategies are implemented. Showing up, and getting noticed, says to your clients and prospective clients that you have a reinforced team in the most needed areas.

 

Using the right tools to achieve success and even increase business

At this point, most law firms and their managing staff know that communication, marketing, and the correct use of internet tools make the real difference between landing new clients, keeping the existing ones, and even seeing their business grow.

Advertising during a crisis, especially for services with huge demand, like access to justice and the need for legal services, is the wisest decision companies make to increase their revenues. It's time to speed up and put the engine working instead of sitting down and waiting for the economy to recover.

Have your marketing teams, if they exist, or if you don't have a dedicated marketing team, make use of your social media and become listed on trustworthy legal industry directories. You can also get reviews from your clients and do whatever you can to show that your law firm is ready and fully dedicated to its clients. 

 

The Lawyers Global® staff is here to help you.

If your firm is already listed, ensure its information is current and accurate. If your law firm isn't listed, it's time to do it by subscribing to one of our membership plans that will put your name out globally through our awards program, recognition, social media, and linked on major search engines.

The Awards are a byproduct of being listed, ranked, recognized, and awarded. If you're thinking only about the awards and waiting for the next edition, you’re wasting precious time to show up, get reviews from clients, and increase your major search engine presence.

If your law firm is listed at The Lawyers Global®, it most certainly deserves the merit and the trust to be amongst our Global Elite of Lawyers and Law Firms.

Click the button below to evaluate our plans, and make an educated decision based on your firm's goals and budget. 

Evaluate our Membership Plans here

The process of becoming listed is straightforward: no upfront payments until you receive the approved confirmation and your invoice; you become listed and eventually announced on our social media on the same day; you receive your digital badges package and the certificate if the selected plan includes it.

Renewals are neither automatic nor mandatory. One month before the end of the subscription, we will send you an email asking if you want to renew your subscription.

You'll also be entitled to free support, updates, and more during your active membership cycle, and if there is an active campaign with a courtesy discount, act and save money on your subscription.

 

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