High-value clients’ loyalty to their law firms heavily depends on their lawyers or legal staff. Law firms must be mindful of the risk of losing talented and experienced lawyers and their high-value clients. This is especially true in today’s highly competitive attorney market. You should concentrate on three main areas of client engagement.
Create a team-based approach to client relationships of high value for a deeper sense of loyalty in the law firm
You should introduce the clients of your firm to the rest of the team who support them. Instead of having only one attorney handle the client relationship, you should introduce the entire team. Clients who only have one point of contact with your firm will naturally come to trust this attorney and not know that other professionals in your firm are working on their cases. Many firms have other professionals on staff (operations, finances, project management, etc.). Many firms have allied professionals (operations, finance, project management, etc.) who are able to offer insight and advice.
Law firms, for example, should actively involve team members who have MBAs, CPAs, or other relevant experience and training in meeting and communicating with clients about their business needs. Your clients will see the value in your firm by introducing your team to them and building these additional relationships.
To ensure that clients receive timely and high-quality legal services regardless of personnel changes, law firms should highlight and explain to their clients the systems and technology they use, including document automatization and customer portals.
The law firm’s commitment to high-value clients is based on a personalized engagement.
Ask your clients how they want to interact with your firm. In the fast-paced digital world of today, some clients might want to be able to access documents or data on demand or receive updates on their cases in real-time. Some clients might want to have access to a secure portal that allows them to communicate with their legal team and share confidential data.
platforms for legal technology are crucial to increasing client loyalty. Thomson Reuters’ HighQ, for example, allows you to deliver customized portals and services to clients so that they can collaborate and communicate on matters while feeling confident about the security of their data.
Law firms that provide exceptional service will attract high-value clients.
You should focus on cost-effectiveness and overall efficiency when delivering legal services to maintain client loyalty. Clients can compare legal services easily today. Clients are more likely than ever to compare legal services, especially when they focus on efficiency and cost.
If law firm A is able to provide the same service or product at a lower price and faster than law firm B, then clients are more likely to choose it. Some clients are willing to pay a higher price for a well-known law firm that handles their legal issues (just as some people do not mind paying more for certain cars and other products). However, clients want the best value for their money regardless of who the lawyer or law firm is.
How can your firm differentiate itself from its competitors and stand out, regardless of firm attrition or firm mergers? It is possible to move lawyers up the chain of value by leveraging technology. This includes document automation, contract review, and contract analysis. Lawyers can then focus their attention on more client-centric matters and where they can use their expertise and knowledge. Automating repetitive or simple tasks can increase your efficiency and accuracy and lower costs.
Lawyers and staff can provide timely and thorough client services in greater impact and complexity cases. This will strengthen your client’s loyalty.
Find out how to improve the loyalty of your most valuable clients towards your law firm
Engagement with clients should be prompt, professional, and transparent. Your law firm can differentiate itself from its competitors by focusing on and excelling in the above areas. High-value clients are also likely to view your firm as a strategic partner and remain loyal.
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