Every industry will shift and progress with new trends and developments that may affect your business. That’s why you need to be aware of these changes to make educated decisions and stay ahead of your competition. Remember, these days clients want their lawyers to act as trusted business advisors not just advise on technical aspects of the law. There are plenty of ways you can gather this information to gain a competitive edge, and here are a few to help you on your way…
Google Alerts allows you to monitor the web for interesting new content. This means you can type in any keywords you desire within your industry and Google Alerts will send the most recent news surrounding your topic straight to your inbox. A fantastic time saving trick and you can set up as many different alerts as you like.
Twitter has become a giant hub of various conversations and industry news, churning out millions of articles, blog posts and ideas all in one place. If you carry out a specific search you can find streams of people who have shared and re-tweeted the latest news, and now you can learn all you need to know while joining in the conversation too. When a big news story breaks, Twitter often has the most reliable up to date information ahead of the news stations.
The use of this platform has developed much further than a recruitment tool, with lawyers and law firms using it as a place to publish news topics. Extend your network to include relevant firms and companies relevant to your industry sector to keep on top of new information.
Blogs and Forums
There are certain industry leaders you will want to follow very closely. They understand what’s happening in the law industry, and as they fuel their blog on a regular basis, they will usually be one of the first to write about any latest developments. This also gives you a chance to leave a comment and interact with others interested in the blog. Share your insights and prove your own status as an industry leader. Likewise forums are a great place to view conversations offering inside information.
Attending industry events is a great way to find information and network with influential people. Always do your research before attending an event, looking particularly at key speakers. Afterwards, if appropriate, ask them their opinion on matters relevant to your clients.
Each year the big accountancy firms release industry specific reports which you can view online.
Closer to home
It’s important to use the knowledge your working peers have collected. Arrange regular catch up with practice heads to show you interest; you never know what cross-selling opportunities may come from forging relationships with other teams.
Knowing your market is a key component to the success of any business. If you don’t keep up with the latest developments you’ll fall behind your competition and be seen as a company who is practicing a tired and dated service. When you move with the changing times, you’re in a much better position to serve your clients in the best way you can.