The Complete Lawyer

The hallmarks of a sophisticated, high-impact institutional analysis are:

Firm-wide performance metrics

Client satisfaction
Nature of relationships with client base
Recommendation rates
Practice area penetration

Strategic opportunity assessment

Forward-looking analysis of client needs and priorities
Practice-specific utilization and opportunities

Absolute and relative measures of performance

Competitive benchmarking
Longitudinal tracking

Actionable recommendations

Strategic direction
Operational tactics
Attorney-specific behaviors

Comparative gap analysis with individual client assessments

Unearth firm wide strengths and weaknesses
Pinpoint institutional problem areas
Define unique firm differentiators in the eyes of clients

The power of firm-wide analysis and action is twofold. Most important, a firm-wide analysis demonstrates an inextricable link between partner behavior and firm financial performance. Relying on the same measures to assess individual clients and firm performance, this analysis is often the first time attorneys recognize how their actions contribute to and drive firm growth and profitability.

This association engenders perhaps the greatest single benefit: a firm- wide performance analysis motivates partners to change, an advantage which alone often dwarfs the investment in the eyes of firm management.

At the same time, a firm-wide performance analysis lays the foundation for institutional change. Unlike individual client assessments which elicit partner-specific action steps and impact just a small handful of clients, a best-in-class firm wide performance analysis can redefine the strategic direction of a firm, uncover hidden opportunities for growth and pinpoint exactly which activities will deliver the highest ROI.

A Case Study In Client Feedback

A mid-sized firm in the Midwest conducted a series of in-person and telephone interviews with 24 of its top clients. It captured insights into client service and satisfaction, what the firm did well and what it could be doing better for each of the clients. It then summarized the feedback into 24 individual reports, each highlighting the opinions of the client as well as two three action steps the firm could take to improve the relationship.

A year later, the firm assessed its investment in the client interviews. Four of the 24 client relationships had flourished; the rest had remained static or reduced billings with the firm, some significantly. The firm was disappointed, tagged the client research a bust and reduced the budget for a new study.

Unwilling to accept the fate of the client outreach program, a savvy business development manager returned to the original transcripts, perusing the client feedback to ascertain what may have happened to the ten key client relationships which had declined over the past year (even though the attorneys assured her it was related to a combination of matters closing and the economic climate). She compiled notes on each question from these key clients and after several hours had developed a detailed list. Here is an excerpt from her notes:

Q: How could our firm improve its service to you?

A1: I’m generally pleased. More timely invoices would be a plus.
A2: More responsiveness to my calls.
A3: More detailed billing.
A4: Timely communications, tell me about your other services.
A5: Nothing.
A6: Better invoicing.
A7: (No response)
A8: Nothing really, though I wish the bills were easier to understand.
A9: (No response)
A10: Nothing. My attorney’s great.

Working late into the night, this insightful worker uncovered a series of commonalities among the ten shrinking client relationships. Specifically, she concluded:

1. Billing practices were an issue with these clients
2. Most of these clients also used a particular competitor who had recently earned press coverage for their new e-billing system

This savvy business manager had essentially transformed ten individual client assessments into a mini firm-wide analysis for her firm. With the benefit of these insights, she was able to convince firm management to take action—and eventually to revisit and revamp the firm’s client feedback program.

Is Your Client Feedback Program World-Class?

Firm-wide performance analysis is the single most overlooked style of client research. Yet it is also the most potent in driving client allegiance and financial rewards. In fact, client feedback programs, which do not incorporate a firm-wide performance analysis, do not demonstrate the same level of payback, whether measured in increased client satisfaction, higher rates or stronger growth. This is why so few firms today enjoy The Client Allegiance Premium (higher billings and rates).

Take advantage of your newly acquired learning to lead your firm to higher revenue growth, fewer RFPs and less rate pressure. Nine core elements define a world-class client feedback program. Do you have all of the pieces in place to earn your clients’ allegiance?

Client-specific analysis of status and opportunity
Firm-wide performance analysis
Qualitative insights
Absolute and relative measures of performance
Client-focused approach
Competitive benchmarking
Clear and obvious value at the outset
Actionable recommendations
Ongoing process