Legal Firm Digital Transformation
Key Results Achieved:
Automated client education and notices
Created a new revenue stream for the firm
Quickly scaled the new revenue stream
Established a consistent touch point with clients
Scalable growth infrastructure now in place
Background & Challenge
This legal consulting firm was experiencing challenges with transferring critical information in a timely manner to an industry (financial) that was spread out across the nation. Lending laws were changing and being updated quickly, fines were being imposed, regulators were in the streets looking for low-hanging fruit, and loan originators were their targets. Scheduling live events to get everyone into a room for the conversations was selling out, but there was no physical way to schedule enough of them immediately.
SOAR Solution
SOAR's comprehensive learning management system platform was implemented to host and deliver current, breaking news to a nationwide contact list of lenders. Recipients and their staff could then opt in to training classes offered by the legal compliance consultation firm to help them navigate the current legal climate they faced. Clients could ask questions through the SOAR platform, and the legal firm could respond immediately or schedule consultations as they preferred. The legal consulting firm then introduced a new online service — online education and consulting delivered to the industry for a low monthly fee. Almost instantly, over one hundred clients were paying monthly fees for weekly newsletters, updates, and a chance to review best practices material the legal compliance firm had previously written. The solution included automated credit card processing to monetize their content, tracking of all activity across the country by user, interactive communications between the firm and its clients revealing client hot buttons, and an increase in clients due to the new resource made available to the industry.
Implementation
The platform was customized and branded in the legal firm’s name as their own hosted technology solution, thereby differentiating them from their competition and further establishing them as the market leader. An additional new revenue stream was created and is now managed monthly by entry-level administrative personnel.
Results & Impact
The firm achieved significant improvements in client communication, market awareness, brand elevation, and scalable profitability.
"SOAR's platform has transformed our practice by ensuring our educational resources can be delivered long after a live seminar ends, to any client, anywhere in the country, any time. We can now handle more clients efficiently while providing better service. The automated systems have eliminated bottlenecks and allowed us to focus on what we do best - providing excellent legal compliance consultation and counsel."
— Firm Managing Partner