For years, lawyers have worked with clients in a traditional way, meeting face to face to discuss cases and going over paperwork. This process is slowly changing, as more and more people are communicating online. With the advent of market networks, this trend is likely to accelerate.
Market networks are a hybrid of marketplace and network platforms that use SaaS workflow tools to manage projects rather than smaller tasks. By promoting the service provider, market networks also help create lasting relationships instead of one-time interactions.
Market networks stand out when it comes to making money because they bring together the powerful network effects of direct networks (such as LinkedIn and Facebook) with the profitable revenue models of SaaS or marketplace businesses. This makes them uniquely suited to the legal industry.
But before we touch on the legal component, what are the key characteristics for a successful market network?
- Focus on complex services: that require a series of tasks to be completed, as opposed to one-time transactions. For example, a lawyer might use a market network to find and vet potential expert witnesses for a case, rather than simply hiring someone for a one-time consultation.
- People-centric: each user has a profile that leverages their unique talents, attributes and experiences. This is in contrast to a marketplace, where users are anonymous and only their services are visible. In a market network, the service providers are the differentiating factor.
- Project-based collaboration: users come together to work on projects, as opposed to simply interacting with each other. For example, a lawyer might use a market network to connect with other lawyers to work on a case or project, rather than simply exchanging information or ideas.
- Long-term relationships: because market networks are people-centric and promote project-based collaboration, they are well-suited to fostering long-term relationships. This is in contrast to networks like LinkedIn, which are more geared towards one-time interactions and shorter-term relationships.
- Smoother referral process: market networks make it easy to find and connect with potential referral sources, as well as to track the progress of referrals. This is in contrast to traditional methods of referral, which can be time-consuming and difficult to track.
- Accelerated speed of transactions: market networks use SaaS workflow software to focus action around longer-term projects, which helps accelerate the speed of transactions. This is in contrast to marketplace platforms, which are focused on quick transactions.
Now that we’ve covered the key characteristics of a successful market network, let’s take a look at how they can be applied to the legal industry. There are a number of ways that market networks can be used in the legal industry. Here are a few examples:
- Finding the right lawyer for your case: In the past, people looking for a lawyer would often ask family and friends for recommendations. While this is still useful, it can be limited. With a market network, you can search for lawyers with the specific skills and experience you need for your case.
- Building a network of experts: As a lawyer, it’s important to have a network of experts you can rely on for advice and information. With a market network, you can easily connect with experts in different fields to get the information you need.
- Managing cases: Market networks can be used to manage all aspects of a case, from initial client intake to billing and invoicing. By using a market network, lawyers can streamline their workflows and save time.
- Marketing your law firm: With a market network, you can easily promote your law firm to potential clients. By creating a profile and connecting with potential clients, you can get your name out there and attract new business.
The Benefits of Market Networks for Lawyers
There are many benefits of using market networks for lawyers. Some of the most notable benefits include:
- Increased efficiency: By using market networks, lawyers can save time and increase their efficiency.
- Improved communication: Market networks make it easy to communicate with clients and experts. This can help lawyers resolve cases more quickly and efficiently.
- Greater reach: With a market network, you can reach more potential clients than you would through traditional marketing methods.
- Cost savings: Market networks can help you save money on marketing and advertising costs.
- Increased business: By using market networks, you can attract more clients and grow your law firm.
How LEGID Can Help
Future of Law 2023 conference is here to help you grow your law firm. LEGID We are pioneering the use of Market Networks in the legal industry, and we are committed to helping lawyers succeed. If you’re looking for a market network to help you grow your legal practice, contact us today: email@example.com.