Our last post Value Post 1: What Does Value Mean in Law Firms? discussed the meaning of value in the law firm/client context including the ways that clients define and measure the value they receive from their lawyers. This second post explores how firms can articulate value to help them differentiate and excel in attracting, satisfying and…
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“Value” is one of the most commonly used buzzwords of the first part of this century. Everyone is talking about it, promoting it, writing about it, offering it, demanding it, trying to measure it and bragging about it. First, let’s start with the Merriam-Webster definition of value: 1: a fair return or equivalent in goods,…
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In our last blog post In 2013, Will More Firms Finally Understand that Client Feedback = Better Revenue and Profitability?, we discussed why it is critical to seek feedback from clients and to ensure that they are not only satisfied but extremely satisfied. Extremely satisfied clients lead to truly loyal clients who are much more profitable to…
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According to a recent ALM Legal Intelligence Survey, 68% of law firms put “Growing the Firm’s Revenue” as their top business strategy priority and 54% listed “Improving Firm Profitability” as their number three priority. “Client Performance Management and Client Satisfaction Measurement” was a fourth priority, however, only 56% of law firms said they plan to track…
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This is the time of year law firms get ready to send out their annual letter to clients citing their new billing rates for 2013. Despite all of the recent coverage about legal departments cutting their budgets and forcing law firms to reduce their rates, two recent surveys find that law firms still plan to…
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This post is one of four that discusses the findings of a survey conducted jointly by the Financial Times (FT), the Managing Partners’ Forum’ (MPF) and Meridian West. The survey results were pre-viewed at a one day conference hosted by PM Forum in London on September 27. The posts reflect findings from the survey, sessions…
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This post is one of four that discusses the findings of a survey conducted jointly by the Financial Times (FT), the Managing Partners’ Forum’ (MPF) and Meridian West. The survey results were pre-viewed at a one day conference hosted by PM Forum in London on September 27. The posts reflect findings from the survey, sessions…
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This post is one of four that discusses the findings of a survey conducted jointly by the Financial Times (FT), the Managing Partners’ Forum’ (MPF) and Meridian West. The survey results were pre-viewed at a one day conference hosted by PM Forum in London on September 27. The posts reflect findings from the survey, sessions…
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Cross-selling is a good concept, assuming that clients love the work you are doing for them and are thrilled with the level of competence and service (and you know this because you have formally and regularly solicited your clients’ feedback). As discussed in a previous post Strategic Account Management Must Be About Client Value First, Not…
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For so many years, the term “rainmakers” has referred to partners in firms who bring in new clients and have “big books of business.” Merriam-Webster defines a rainmaker as “A person (as a partner in a law firm) who brings in new business.” Fifty years ago, many firms relied on only one or two or just…
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