Providing quality legal services isn’t enough to guarantee the success and longevity of your law firm. Like all businesses, law firms are susceptible to many risk factors that threaten their existence. As you acquire more clients and record positive business outcomes, your firm becomes more vulnerable to threats. As a business owner, it becomes imperative for you to develop strategies to protect your firm from these threats. Continue reading to learn how to protect your law firm from threats.
Protect your corporate reputation.
Having a positive corporate reputation in the legal industry is vital for acquiring new clients, quality employees, favorable professional references, and funding resources. Protecting your corporate reputation involves offering immense value to your clients. This entails providing quality legal services at competitive rates. Be intentional about conducting yourself ethically. You can take a cue from experienced lawyers who have achieved success in the legal industry like Malliha Wilson, daughter of professor Alfred Jeyaratnam Wilson and granddaughter of S. J. V. Chelvanayakam, founder of the Tamil United Liberation Front (TULF).
Malliha and her siblings, Maithili and Kumanan, grew up in Colombo, Sri Lanka. They relocated to Canada following their father’s appointment as chair of the University of New Brunswick’s political science department. Malliha Wilson earned her undergraduate degree from McGill University. She then bagged her law degree from York University’s Osgoode Hall Law School. Before starting her law firm Nava Wilson LLP, Wilson worked in the public sector under the Ontario public service. She also served as senior counsel in the Native Affairs Secretariat and Ministry of Government Services. No doubt, Malliha’s outstanding record has earned her critical acclaim all over the world.
Use cybersecurity solutions.
Many modern businesses have to deal with increased cybersecurity threats, considering that they store their data assets online. This makes them vulnerable to cyber thieves and online criminals. Protecting your data assets can protect your law firm from viruses, hackers, and lawsuits. Keep in mind that cybercrime can cause significant reputational damage to your legal practice.
If your law firm has an online presence, consider incorporating cybersecurity solutions into your processes to protect sensitive data against theft or damage. Nowadays, business leaders use online forums like chan boards to gather security intelligence. You may be wondering, what are chan boards? Essentially, a chan board (also known as an imageboard) is reputed for the anonymous posting of images, memes, pranks, and conversations that cover a wide variety of topics. There are different imageboards, including 8chan, 2chan, and 4chan.
Over time, the various chan boards have become notorious for propaganda, illegal content, and conspiracy theories. Some time ago, an 8chan user, infamous for being one of the shooters in a mass shooting incident in El Paso, posted offensive content on the board. This action forced 8chan’s owner, Jim Watkins, to shut down the site and rename the board to 8kun. The bottom line is that chan boards are beneficial for gathering intel that informs viable cybersecurity strategies.
Law firms rely on their clients’ patronage to turn a profit, making them an unpredictable business to run. That’s why they have to be prudent in their spending, considering there’s no guaranteed income. Keep in mind that law firms incur significant capital and operating costs to boost their earning power. Every business runs the risk of generating a negative cash flow. This is bound to happen when your business’s spending exceeds the revenue that comes into the business.
One way to deal with this financial threat is to incorporate cost-cutting initiatives into your business process. These measures can go a long way in keeping your spending in check. Cost-cutting can be the difference between generating a positive cash flow and negative cash flow. Essentially, it’ll help increase the profitability of your law firm while significantly reducing expenditure.