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Tag Archives: client value

Friday Share: Client Satisfaction Keeps Small Law Up at Night

Client Satisfaction Keeps Small Law Up at Night-small

What’s the biggest concern keeping small law firm attorneys up at night?  Client satisfaction according to a LexisNexis Firm Manager® poll conducted of attendees at the recent ABA TECHSHOW. Some of the other top concerns that get between a lawyer and a good night’s sleep included, case management chaos, managing calendars , file security and malpractice.   The image nearby depicts ... Read More »

The Deep Discount Attorney and other Cautionary Tales

The Deep Discount Attorney and other Cautionary Tales

At the beginning of the year, we shared big ideas from Ann Guinn: Infographic: 9 Ways to Run a Small Law Firm as a Business.  More recently, she presented these insights during a webinar titled: The Happy Lawyer’s Guide to Running Your Firm like a Business. While much of her discussion covers the 9 keys to running a firm like ... Read More »

Winning Small Law Clients: Tips from a Shoe Salesperson

Want to Win More Clients Watch a Shoe Salesperson, Says Survey

Law firms can learn a thing or two about client service by emulating a Nordstrom shoe salesperson, says a new ABA Benchmark Client Intake Study. The survey, which aims to get a real sense for what prospective clients experience when trying to engage with a law firm, concludes law firms are missing the client service mark in a big way. ... Read More »

Friday Share: 8 Habits of Highly Profitable Law Firms

Friday Share 8 Habits of Highly Profitable Law Firms

Three law firm characteristics drive profitability: behavior, strategy and culture.  This idea is conveyed in a presentation published by the BTI Consulting Group: 8 Habits of Highly Profitable Law Firms. The presentation is this week’s Friday Share.  The eight profitable habits are as follows: 1. Fewer, but Larger Clients. The presentation says that profitable firms have fewer clients, but those clients ... Read More »

Law Firm Client Value Guarantee: Hare-Brained or Genius?

Client Value Guarantee Hare-Brained or Genius

A survey we conducted last year found law firms that discount have more past due clients.  What if law firms didn’t discount – but afforded the opportunity to clients to write down invoices as they see fit? Enter the client value guarantee, which Adam Smith, Esq. points out many will think “is a hare-brained idea.” The legal economic consultancy describes ... Read More »

Surviving and Thriving with 21st Century Clients

Surviving and Thriving with 21st Century Clients

Note:  The following is a guest post by Camille Stell. Lawyers face a myriad of challenges in today’s legal marketplace. Topping the list: dealing with the 21st century client. A new century means a new type of client. Trying to apply 20th century solutions to 21st century clients simply won’t work. It will result in sour client relations, which in ... Read More »

Building Client-Value Processes Into Law Firm Client Intake

Building Client-Value Processes Into Law Firm Client Intake

Every buttoned-up law firm builds protective measures into client intake. Whether it’s conflict searches, sending out engagement letters for signatures, setting up matters in practice or financial management software or any of the day-to-day tasks that play a key role in establishing proper records and conducting due diligence, all are considered standard processes for shielding the firm, and the client, ... Read More »

Infographic: Client Value as a Path to Law Firm Profitability

Client Value as a Path to Law Firm Profitability

“There is only one boss-the customer,” according to Sam Walton who founded Walmart in 1962. “And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” It’s a timeless quote that underscores a key difference between financial metrics and client value metrics.  The former provides a measure of results, the latter ... Read More »

A Study in Futility: Rising Legal Rates, Falling Realization

A Study in Futility Rising Legal Rates Falling Realization

According to a 2015 study published by The Managing Partner Forum, standard hourly rates for surveyed attorneys have continued to rise in recent years – even in light of difficult economic conditions – from an average of just over $375 at the beginning of 2008 to right around $450 at the beginning of 2014. From a law firm perspective, it ... Read More »

The Secret Law Firm Metric Clients Will Pay to Improve

The Secret Law Firm Metric Clients Will Pay to Improve

Hint: It’s not a financial metric, but it can have a big impact on improving law firm profitability and growth. What’s more, it’s really not that big a secret if you’ve been listening closely to the clues your clients have been dropping: Like trying to negotiate lower rates, taking a long time to pay your bills, or simply “forgetting” to ... Read More »