Millennials are now aged between 25 and 40. And as this group makes its way up the career ladder, the millennial pound is strengthening as the generation enters its prime spending years. As such, millennials should be a target customer group for most legal businesses.
According to recent reports, over 50% of first-time homebuyers are now part of the millennial generation, this is especially important for conveyancers to bear in mind. But firms that provide other legal services, such as family and private client, also need to think about what this customer group needs; and make sure they provide it.
Nevertheless, despite the spending potential of millennials – and the fact that they will soon become the largest age group in the UK – many solicitors are failing to attract their attention. Often, traditional firms are failing to evolve in the face of shifting expectations, and this is leaving potential clients frustrated and looking elsewhere.
But the purchasing decisions made by millennials are already having a significant impact on the economy and how companies operate. And, with more tech-savvy legal businesses ready to step up and offer them what they demand in terms of customer service, law firms must adapt if they want to compete and survive.
Millennial buying behaviours
Millennials experienced a period of rapid technological advancement growing up, and they adapted to our digital world. They are the biggest online spenders, and they devote an average of 8.5 hours a day reading, watching, creating, and engaging with content on their devices. With so much time spent online, it makes sense that law firms should offer a digital-first approach to attract millennial clients. But the digital transformation of legal services requires more than online signup.
As millennials use smart devices, cloud technology and automated services to make their private lives easier, it’s only natural that individuals seek the same level of ease when purchasing legal services. Especially as the blurring between the personal and professional is commonplace for digital natives. What this means is, as well as competing with other firms, you are also being assessed against the likes of Amazon and Netflix.
So, to appeal to tech-savvy millennial clients, law firms must use intelligent and relevant technology to ensure that every stage of the client journey – from onboarding to resolution – is smooth and hassle-free.
How are millennials influenced?
Various studies show that rather than being attracted by advertising speak and pushy ads, the millennial generation cares about word-of-mouth recommendations and reviews (whether on or offline). What’s more, because many have lived through multiple periods of economic hardship, they want to see the value before making a purchase.
As a result, while social media, promotions and mobile-friendly content are great ways to attract and inform millennial purchasers, if you don’t offer a fantastic client experience that generates positive reviews, all your marketing efforts could go to waste.
Of course, clients of all ages are more likely to provide positive feedback if they find the legal experience hassle-free and straightforward.
How legal tech can help deliver brilliant client service
Millennials often don’t want to speak to anyone on the phone. Instead, they just want to send a quick message or log in to get all the information they need. As such, to survive in our new digital reality, at the very least law firms must have:
- Instant quotation tools which let clients review and accept quotes online
- Convenient digital ID and AML checks to reduce client frustration levels
- The ability to share documentation electronically
- Accessible communication tools which deliver a consistent and responsive customer experience
- Regular digital updates
- Real-time access to case information in an easy-to-read format, from anywhere on any device (e.g. cloud-based customer dashboards and trackers).
A digital onboarding solution
For firms that want to meet the expectations of millennial purchasers, automated processes that reduce the administrative burden are essential.
From online quotes to digital file opening, secure real-time ID verification, and paperless end-to-end onboarding, Minerva helps law firms deliver a better client experience. Importantly, because clients don’t look warmly on firms that waste their valuable time, Minerva can help firms complete the onboarding process in just 24hrs.