How Successful Law Firms are Adapting to the New Market
Many of the most successful law firms "have spent the past few post-recessionary years assessing the economic environment around them, evaluating the needs of their clients, and adjusting their own business models to more strategically and efficiently serve their clients," say Citi Private Bank and Hildebrandt Consulting in their 2014 Client Advisory. The advisory talks of the "fundamental shift," since 2008, "resulting in a changed and more muted demand environment for law firms."
This annual advisory, highly regarded among law firm leaders, says that one of the ways that law firms are responding to this more modest market is through organic growth. One of the "enablers" of organic growth, according to the study, is having a client feedback program. Citi and Hildebrandt say that a substantial number, but less than half , of the law firms they have surveyed, 43 percent, have implemented client feedback programs. And yet, "another enabler of organic growth is the extent to which firms are focusing on growing the volume of work from their existing client base."
The advisory says that "implementing a formal client feedback program is a key means by which firms can further cement their client relationships and capture greater market share."
In their 2013 advisory, Citi and Hildebrandt listed "Listen to Your Clients" as the number one step in the section entitled "How to Succeed in the New Market." "Too often we find that law firms do not take the time to listen to their clients in a systematic or sustained way. Although we have noticed that law firm leaders are spending more time with key clients these days, many partners seem reluctant to seek meaningful feedback, for fear of hearing bad news. They seem less inclined to shift the discussion to their client's business to learn about strategies, priorities, risk concerns, pressure points and other factors driving their legal spend decisions."
For years, Strategic Client Interviews have revealed to client law firms exactly what Citi and Hildebrandt identify as vital factors in client relationships. Among volumes of information, these interviews tell law firms:
The opportunities to cross sell and expand services to clients
How to strengthen client relationships and keep the competition away
What issues clients expect to face and how law firms can help address them
Is your firm in that "larger half" that doesn't have a formal client feedback program yet? Don't wait any longer to find out what you need to know!
For more information on Strategic Client Interviews, contact Joyce K. Smiley at 561-775-9755, or firstname.lastname@example.org. On the web at jkscompany.com.
Verbatim: What Clients Say is published electronically by JKS & Company LLC/Strategic Client Interviews. Copyright 2014 JKS & Company LLC. All rights reserved.