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“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 charts a path to getting there.
The infographic presented below suggests there is an intersection between law firm rate increases, realization rates and client value. The metrics these relationships reflect, as an accompanying and well researched white paper indicates, can go either up or down.
On one hand, as average hourly rates have risen since 2008, realization rates have declined. On the other hand, law firms that provide “superior client service” enjoy higher overall growth rates, greater client loyalty – and approach a nearly 20% premium on rates.
Client Value CLE Webinars
As part of this white paper and infographic, the LexisNexis team is presenting a CLE-eligible webinar series. While the first in a three-part client value webinar series was presented earlier this week (we’re working on getting a recording), there’s still time to register for parts two and three:
- Tips for Avoiding Malpractice | June 9, 2015 | 2:00 p.m. to 3:00 p.m. EDT
Todd C. Scott with the Minnesota Lawyers Mutual Insurance Company is coming back to present management and organizational techniques for avoiding malpractice. The webinar is CLE eligible.
- Case Organization, Analysis and Presentation | June 16, 2015 | 2:30 to 3:30 p.m. EDT
Presenters Lauren Berry, Esq, of LexisNexis, David Cowen of The Cowen Group, Suzanne Dinsmoreof Day Pitney LLP round out the webinar series with a session on best practice for organizing, analyzing and presenting the key pieces of electronically stored information.
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Photo credit: Flickr, quietlyurban.com (CC BY-ND 2.0)
