How Solo and Small Law Firms Can Compete with Larger Competitors in 2023

Erica BirstlerLegal Billing, Legal Practice Management

How Solo and Small Law Firms Can Compete with Larger Competitors in 2023

Flying solo or working with a small team means your law firm is short on people—not advantages. Compared to larger competitors, small and solo law firms are more agile, client-centric, and adaptable. Plus, many clients prefer to work with a smaller firm to receive more personalized service. 

Still, firms of every size face challenges and small firms, specifically, are tasked with facing those challenges with fewer resources.  

Practice management software makes it possible.  

How legal technology helps you do more with less

Imagine that only three people work at your law firm. If all three people work 50 hours per week, that’s 150 hours to get the job done. By comparison, if every member of a 30-person law firm works 50 hours, that’s 1500 hours.  

As you can see, to say that solo and small firms need to get more done in less time is a gross understatement. Every task your firm can automate, streamline, or eliminate from your daily workload counts—and your project management software helps you do that.  

Tighten up your firm’s financials 

By nature, smaller firms usually bring in less revenue than larger ones. Even so, you may find that your firm is, in fact, able to grow more quickly than your Big Law competitors in 2023. How? By making the most of your money!  

By combining your low overhead costs with legal accounting tools that streamline invoicing, billing, collections, and reporting, your firm could enjoy wider profit margins than your largest competitors with higher overall revenue.  

Look for software with these features built right in: 

Electronic payment processing  

Small and solo firms can adapt to an evolving technological landscape—and client demands—with greater agility. For example, online payment processing is in high demand with legal clients. With CosmoLexPay, your firm can switch to offering clients electronic payment options faster than larger competitors, who must first secure buy-in from stakeholders before changing payment processes.  

Business and Trust Accounting  

When you don’t have an accounting department, every second you save on accounting is a big deal. CosmoLex’s cloud-based business and trust accounting solutions automate your bookkeeping to keep your firm lean and profitable with minimum time investment 

No QuickBooks required, and no worries about trust accounting compliance hurdles.  

Better business development  

Is growth a major focus for your firm in 2023? Probably. Getting the big picture of your law firm’s productivity and financial well-being is crucial for supporting it with informed decision-making.  

Don’t waste time slogging through spreadsheets to gain insight into:  

  • Case metrics  
  • Intake progress  
  • Lead engagement 
  • Staff productivity 
  • Marketing ROI  
  • And more 

Instead, choose legal practice management software that offers an at-a-glance analytics dashboard (alongside more detailed reports), so you can start each day with a clear understanding of your firm’s performance.  

Collect client data with ease 

Many clients seek out small or solo law firms because they want personalized service. A legal client relationship management (CRM) system helps you to make a better impression and take that personal service to the next level with customizable drip campaigns and digital, tailored-to-each-client intake forms. 

Using a legal CRM also increases the number of clients your firm can balance efficiently, by automating tasks client intake, marketing, and organizing client data. This reduces the burden of non-billable tasks and saves time for work that directly generates revenue.  

Cut your workload in half 

Client outreach and intake, accounting, administrative work—when you manage a solo or small firm, you’re responsible for a hefty number of tasks that most larger law firms either outsource or hand off to a dedicated in-house department.  

The only way to succeed at it all and still accomplish any billable work is to get more done in less time.  

If that sounds downright mythical, you simply haven’t found the right legal tech yet. When your law firm’s productivity tools and case management tools work in harmony, it’s a magical thing.  

Firm-friendly productivity tools  

Tired of figuring out how to adapt generic productivity tools to your law firm’s needs only to discover that they still aren’t meeting them? We can help.  

CosmoLex’s productivity tools are designed specifically for how small and solo law firms work:  

Contact management  

Keep all of your clients’ contact info in one place to conduct follow-ups and other crucial communication as quickly as possible, no more searching through sticky notes for hastily jotted phone numbers.  

Calendaring  

When you don’t have a dedicated receptionist or assistant, staying organized can be challenging. Industry-agnostic calendars don’t have the capability to track deadlines, appointments, client meetings, case milestones, and more.  

CosmoLex resolves these challenges by automating the process as much as possible, keeping you organized and on track (without any double bookings). 

Task management  

If solo or small firm attorneys made traditional paper and pen to-do lists, how far do you think yours would reach? Around the room? Around the globe?  

With a long list, it’s hard to know where to start. Deciding which tasks should be completed in every potential situation, again and again, is stealing mental energy you could be directing elsewhere. Plus, actually completing those tasks takes time—the resource small and solo firms lack most. 

Ditch the pen for practice management software to keep your team productive and profitable with actionable and easily tracked to-do lists that are generated for you based on the information collected by your CRM at intake.  

Email management  

When you’re busy tackling billable tasks, it’s all too easy to procrastinate on responding to emails. Bouncing between your email platform and the other tools increases the likelihood you’ll get distracted, lose progress, or simply procrastinate on critical email management tasks.  

By contrast, an integrated email system minimizes the time that email management takes and, thus, improves client satisfaction by shortening your response times.  

Case management  

Organization—or lack thereof—can make or break a small or solo law firm. Keep all the information related to each client and case easily accessible and up-to-date in one central location within your practice management software to protect your billable time. 

Document management  

Documents are central to every case you take on, but tracking all of those files can take a toll on your time. Integrating your case management features with built-in document management keeps legal documents accessible, organized and secure.  

Ready to achieve more for less with CosmoLex?  

Do you want to compete with, or even exceed, the productivity of even your largest competitors in 2023?  

From the most basic client communications to complex trust accounting reports, CosmoLex’s fully integrated legal software solutions help you maximize your small or solo firm’s resources—and your impact. 

To get started, schedule your free demo now.  

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