The Client Bear Hug Since law firms became professionally managed businesses, the profit-generating flywheel of firms has kicked into higher gear. While correlation ≠ causation, law firm financial performance is exceeding all 12-15 year old expectations of market watchers. With so much financial success in the rearview mirror, how do ambitious firms capture new revenue […]
All law firms express a genuine intent to become more relevant to their clients by handling more of their legal work. So why do so many firms fall well short of stated goals for existing client growth?
Engaging in preliminary discussions with many prospective clients is the key to building a strong client base.
The upheavals caused by this pandemic present a unique opportunity for lawyers to genuinely connect with clients and colleagues.
Either in the course of my “client experience innovation” work, or in helping groups of partners do a better job finding new clients, I hear the following frustration, “We’re a great law firm! However, as great as we are, we’re no different from other great lawyers at other great law firms who do what we […]
1. The Legal Matter Here are some of the essential lessons I have learned after several decades of listening closely to clients, conducting my own research, and reading a myriad of surveys and research studies by others: a) Clients do not have legal problems. They have personal or business problems that may require them to […]
The highly competitive nature of the legal sector provides an unprecedented number of choices to clients. Investing in existing client relationships can generate growth at less cost than developing new clients. Why then is there a reluctance on the part of many lawyers to invest time listening to their clients? Common retorts include the following: […]
The concept of ‘business development’ is often over-rated when it comes to law firms. The phrase may resonate with such metrics as ‘financial targets,’ ‘meeting new contacts,’ ‘cold-calling,’ ‘attending events at relevant forums,’ ‘undertaking activities that contribute to the revenues and profitability of the firm,’ etc. Most firms like their partners to be ‘rainmakers’, the […]
Force multipliers or “connectors” are often easier to cultivate than are prospects. It can be easier to build a history and therefore trust because the relationship is not weighed down by the “heaviness” of a retention goal. At the same time, it can be hard to build trust if you are viewed to be merely […]
“Storytelling” may seem an odd word choice for a profession like law, which focuses on very academic-oriented activities like drafting contracts, legislative provisions, proposing a regulation, writing a will, researching case laws, etc. However, the increasing competition faced at home and abroad demands that lawyers make efforts to guide their teams to surpass expectations and discover […]