High value law firm client retention
The loyalty of high-value clients to their law firm largely depends on the expertise of their lawyer or legal team. Accordingly, law firms must be aware of the risks of losing their talented and experienced lawyers, and therefore the firm’s high-value clients, especially in the midst of today’s highly competitive market for experienced lawyers. To do this, you need to focus on three main areas of customer engagement.
1. Establish a team approach to high-value client relationships to further retain the law firm
First, you need to introduce your firm’s clients to the “rest” of the team supporting them, rather than having a single attorney to manage the client relationship. A natural consequence of clients having a single point of contact in your firm is that they come to trust that particular attorney and may not even know who else in your firm is working on their cases. However, many companies have allied professionals (operations, finance, project management, etc.) with a wealth of industry knowledge, training and experience, in addition to law, who can and do offer information and valuable advice.
For example, law firms should have team members with MBAs, CPAs, or other relevant education and experience who actively participate in meetings and communications with the client regarding their business needs. wider. By introducing other team members to clients and building these additional relationships, your clients will be able to see that the value of your firm far exceeds the knowledge and experience of a single lawyer.
Law firms should explain and highlight to clients the systems and technologies they have in place, such as document automation and client portals, to ensure that the client receives prompt and reliable services. high quality and legal results, regardless of personnel changes.
2. Personalized Engagement Builds Law Firm Loyalty Among High-Value Clients
In addition to showing customers your company’s vast base of knowledge and experience, ask your customers exactly how they would like to engage with your company. In today’s fast-paced digital environment, some clients may wish to be able to access on-demand data or documents or real-time case updates. Other clients may wish to access a secure client portal where they can communicate and share confidential information with their legal team.
This is where legal technology platforms are key to retaining your firm’s clients. For example, HighQ from Thomson Reuters enables you to provide personalized online portals and services to your customers, so they can communicate and collaborate on matters with peace of mind that their information is confidential and secure.
3. High-value clients are loyal to law firms that provide exceptional service
To retain your clients, you also need to focus on the overall cost and efficiency of your legal service delivery. Today, clients can easily compare legal services. With a strong focus on cost and efficiency, customers are more likely to shop around.
For example, if Law Firm A can provide the same legal service or work product as Law Firm B, but more quickly and at a lower cost, clients will generally choose Law Firm A. While some clients may be willing to pay a premium for a big name law firm to handle their legal affairs (just as some people are willing to pay a premium for certain cars or other products), clients nonetheless want the best value, regardless of the name of the law firm or lawyer in question.
How can you differentiate your business and set it apart from competitors, regardless of any corporate attrition? The answer lies in leveraging technology, such as document automation and contract review and analysis, to help lawyers move up the value chain and focus on client cases where their individual knowledge and expertise can benefit the client. Spending less time on simple or repetitive tasks that can be automated increases your efficiency and accuracy while reducing costs.
For cases with higher impact or complexity, lawyers and staff can focus on providing comprehensive and timely services to their clients, all with the necessary human touch, thus strengthening your client loyalty.
Learn more about improving law firm loyalty among your most valuable clients.
Client engagement should always be timely, professional and transparent. By focusing on and excelling in the areas mentioned above, your law firm will stand out from its competition, while your high-value clients will view you as a strategic business partner and be loyal to your law firm.
Learn more on improving customer loyalty through customer service delivery and knowledge management in episode 7 of The Knowledge Series podcast, by Thomson Reuters and guests.