A recent Thomson Reuters’ report has provided some revealing insights on the most pressing challenges that law firms are facing today. The survey of legal professionals uncovered that the three most prominent challenges encountered are; staff hiring and retention, standing out in the market and creating innovative ways of working. How can your firm combat and overcome these challenges?

Staff hiring and retention

Staff hiring and retention was ranked as the most prominent challenge encountered by 50% of the legal professionals surveyed. Your firm can overcome this challenge by creating a positive culture and catering to the priorities of the workforce, making your firm a desirable workplace.

Investing in your firm’s culture is a key factor to hiring and long-term retention. Encouraging a positive workplace culture contributes to creating a satisfied and high-performing workforce. Offering staff growth and development opportunities can also aid in staff hiring and retention, as it increases your firm’s appeal.

Work-life balance has become a priority for professionals following numerous lockdowns. The switch from traditional work arrangements to hybrid working has allowed staff and business owners alike to realise that productivity is not lost when working from home.

Offering your staff continuation of the work-life balance professionals have come to enjoy by encouraging a flexible, hybrid working environment can increase hiring and retention rates. It makes your firm increasingly desirable to work for in the eyes of potential candidates.

Standing out in a competitive market

Nearly half of the legal professionals surveyed cited that standing out in the market as their most prominent challenge. Standing out in a market as competitive as the legal space can be challenging, particularly for small businesses. To achieve results that build and strengthen a small business brand as well as add to a business’s bottom line, it’s important to take a strategic approach to your firm’s marketing. By investing in simple yet effective marketing strategies, you can increase the visibility of your firm.

Jane Hillsdon, founder and CEO of Dragonfly Marketing joined InfoTrack for a webinar to present affordable, effective marketing strategies that your firm can implement to drive awareness and increase your businesses presence to potential clients. The complimentary CPD webinar is available on-demand for your convenience.

Creating innovative ways of working

Two in five of the legal professionals surveyed noted creating innovative ways of working as a major challenge in their firm. Innovating the way your business works is essential to fostering an efficient and streamlined practice and can contribute to business growth. To support your firm’s drive towards innovation, engage with a legal technology provider.

InfoTrack’s suite of cloud-based solutions are designed to ensure your firm is working innovatively, and in turn efficiently. With solutions to support digital signing, electronic exchange security, settlement outsourcing, flexible verification of identity and more, there is a combination of solutions your firm can implement to ensure innovative working.

InfoTrack’s innovative solutions are designed to support your firm to overcome challenges while streamlining workflows, increasing efficiency, and growing your business. Request a personalised, complimentary demonstration of InfoTrack today to see how your business can benefit.