How might Google, Microsoft or Netflix achieve growth if they were a law firm?
Cloud based technology firms are growing at rates as high as 45% year over year, but most law firms are experiencing growth rates of less than 3%.
The growth strategies of companies such as Google, Microsoft and Netflix could boost the growth and profitability in the professional services industry and, more importantly, improve the user experience.
The fundamentals of the success of tech companies emerge from the principles of:
- empowering the user
- a growth mindset
- transparent business process and fees
- leveraging data to make decisions and nurturing a magnetic culture that attracts employees and clients
The professional services industry maybe more complicated than doing a Google search, creating a document, choosing a movie or ordering a ride but these growth strategies provide interesting insights on how to create exponential growth in professional services.
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