ENTER 2023 WITH OPTIMISM, BUT DON’T GET STUNG BY SEASONALITY
The beginning of a new year brings with it a sense of opportunity and as 2023 unfolds, the legal sector leaders could be forgiven for taking a sigh of relief.
2022 was turbulent to say the least – the pound crashed to its lowest level ever, we saw four chancellors and three prime ministers, taxes hit a 70-year high as wages fell at the fastest rate in decades and inflation sparked a cost of living crisis.
This year, the prospect of a blank page and fresh start is more welcome than ever and promisingly, confidence in the UK’s economic prospects look set to improve in 2023.
According to the IoD’s Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, confidence rose to -58 in December, up from -64 in November with improvements in expectations for revenue, employment, investment and directors’ optimism. The index also revealed that 55% of business leaders expect increased revenue in the next 12 months while around 30% expect higher business investment and employment rates.
This confidence signals a busy year ahead. Legal organisations must prepare for a sustained influx of new enquiries over the coming months and be ready and able to meet this demand head on.
For the legal sector, this begins in January with the annual rise in divorce enquiries, people managing wills as part of new year admin and rush to complete on house sales and purchases that didn’t make it in time for Christmas.
Here, Bernadette Bennett, head of legal sector from Moneypenny shares her tips for making 2023 the year for delivering brilliant client care all-year-round, without getting stung by seasonal spikes or the impact of unexpected political and economic changes.
Bernadette concluded: “Of course, every firm experiences peaks and troughs buts if your bottom line is dipping as a result of being unable to handle incoming enquiries, there’s a problem. You could be missing out on valuable new business and in a competitive marketplace, the fact is that if a prospect can’t speak to someone online or via phone on demand, then they’ll fall straight into the hands of a competitor.
“As 2022 has taught us, none of us know what’s around the corner, so don’t fall victim to changes in demand – whether that’s seasonal spikes or bumps in the road that none of us saw coming. Your services are needed all year round, so ensure you have an adequate client communications solution in place and grab 2023’s business by both hands.”