Bellwether 2023: Bold ambitions?

Building a bold and beautiful business strategy – a report for small law firms and solo practitioners. In this latest Bellwether report, LexisNexis investigates the client acquisition and retention strategies of small law firms and solo practitioners, as well as the technology, tools and systems they’re investing in to generate growth.

To win new business and retain their existing portfolios, small law firms and solo practitioners know they need to evolve.

But how far are they willing to push to build their businesses?

In this latest LexisNexis Bellwether report, LexisNexis investigate the client acquisition and retention strategies of small law firms and solo practitioners, as well as the technology, tools and systems they’re investing in to generate growth.

Paving the path forwards

Recent years have been a roller-coaster for small law firms and solo practitioners. But several years of lockdowns, economic hardship and political tension seem to have given the smaller end of the legal market a much-needed confidence boost.

Despite the current economic climate, just under a half of small law firms are looking to grow out their businesses, and over a third are looking for a repeat from last year. But instead of returning to traditional techniques, such as merging with or acquiring other firms, many are looking to grow through organic means.

The survey revealed a strong interest in building out marketing and business development functions – much higher than in previous years. And there’s also a growing awareness of the need to invest in the right working practices and systems to increase internal productivity and deliver more value to clients.

Providing a high-quality, industry-leading service that attracts and retains clients is not easy, even for larger firms. Yet doing so is critical and will shape the winners and losers in the legal arena.

View the full report here.