Like beauty, risk is in the eye of the beholder. A key business decision can be seen through one person’s eyes as a clever entrepreneurial market move and, through another’s, as a reckless bet-the-house punt. It also depends on the point in time at which you view a decision. As Evel Knievel put it: “Anybody can jump a motorbike. The trouble starts when you try to land it.” Most business decisions end up being codified in some form of contract. This might be a simple letter with limited future consequences, such as buying stationery or booking a conference room. Or it might be a more complex document with long-term and significant consequences for the future, such as a strategic partnership with a key business introducer or the procurement of a new practice management system.

It’s easy to get sucked into a price war. It’s easier to change price than anything else. Brand, market position, value proposition etc all require considerable time and thought. Changing a number doesn’t. Clients who begin their relationship with you based on price will simply switch when a cheaper alternative is available, harming the long-term profitability of your firm. They simply don’t place a high value on your service. Do you really want that type of client? If you are reputable firm with expert staff (paid accordingly), then a price war doesn’t suit you. For one, you know it won’t give you the opportunity to properly deal with the client and any issues that may arise. You know you probably won’t be able to do your very best. So, how can you avoid getting drawn into a price war?

You’ve set up your new website, invested in getting to number one in Google, implemented other online and offline marketing activities to support your business objectives and then, wait for it… The phone rings. Great! A new client, right? Easy! Sadly, for too many firms, this isn’t the case. In an increasingly competitive market place, law firms invest enormous amounts in marketing and lead-generation activities. They invest yet more in getting the very best lawyers they can to carry out the work. Yet most firms pay little heed to one of the most important parts of the process: converting enquiries into paying clients.

The requirement for solicitors to behave ethically in modern legal practice is more relevant than ever. Solicitors are still held in fairly high regard by the public, although that esteem is on the wane according to last year’s Trusted Professions poll by Ipsos Mori. Lawyers are less trusted than teachers and doctors but at least we prevail over accountants and bankers. We still hold a position of trust but we must work to hold that position. The current Solicitors Regulation Authority proposals to revise the Handbook are evidence that work still needs to be done.

Are any or all these items among your law firm’s primary business objectives for the months ahead? Increasing your turnover; enhancing your brand; improving your efficiency; and future proofing your firm. If your online presence isn’t directly contributing to your law firm’s success, then you are missing out on an opportunity that your competitors will be readying themselves to take advantage of. During this time of unprecedented change in the legal sector, you need to be more visible, instantly appealing, and shouting from the roof tops about how you offer a different, better, service than your competition.