Law Firm Revenue Growth: Business and Market Intelligence Keeps Client Teams Moving Forward
Sitting in a client team meeting recently and listening to the lead partner confidently discuss his knowledge of the client and how the team can pursue new opportunities for gaining more client share was another one of the hundreds of client team meetings likely taking place around the globe at firms. Partner knowledge about the client can be helpful; but, nothing beats gathering some key intelligence including:
- Industry – What’s going on in their industry that will impact the client’s company.
- Vertical market – Are the client’s suppliers being compromised in any way due to market dynamics out of their control? How will this impact the client?
- The C-Suite – Which contacts need to be developed for a shot at “bet the company” legal work in the future? Do we know who these contacts are?
- Board members – Same as above. How will they impact our current and future opportunities with the client
- Competitors – Who are the client’s competitors and who are our competitors and what’s their market share
- Strategic plan – Do we have a copy of the client’s strategic plan and if not, why not? They will provide it to you if you ask for it.
- Working timekeepers – What are junior and other members of the service team seeing and hearing? Encourage others who are on the “extended team” to provide their insight and observations. And, encourage them to develop their relationships at the client organization with their peer level contacts.
- Client voice – Is the client part of the team and do they attend at least one meeting per year in person? Hearing what they think straight from their voice is critical to client team success.
Only when teams have this important business intelligence can they move forward and offer value and address client goals.
What’s happening with your client team?