Law Firm Talent, Business Retention and Growth
Protecting your firm’s hold on its important clients and talent is more critical now than ever before. Three key areas to focus on: talent, business retention and growth.
First, every firm is reaching out to clients and good contacts to check in and see how they are doing (this is in addition to all the Covid-19 legal updates). Many of these conversations turn more personal than usual, and this psychologically allows people to connect in a stronger and different way. And while at this time it’s not business as usual, relationships are still extremely important. Be sure to pick up the phone and connect voice-to-voice or Zoom-to-Zoom. It will be a good step toward retaining valuable mind- and wallet-share and building stronger relationships with important client contacts.
Second, despite firms’ best efforts to maintain confidentiality about layoffs, furloughs, cutbacks, and revenue numbers, information leaks out. Competitors keep a careful watch on what is going on with others during times like these if for no other reason than to grab client share or, just as bad, top talent. Checking in with all the firm’s constituents is critical at a time like this. One large law firm recently reported to us that its managing partner phoned each partner, counsel, associate and senior operations staff member to check in with them. The support this demonstrates is palpable and very important to individuals who are under stress from the burdens today’s business climate is bringing. If the firm is finding it necessary to invoke cost-cutting measures, it is best to phone the top clients and let them know firsthand what is going on before they read about it in the legal press.
Third, clients are forced to tighten their budgets even further. This could mean further consolidation of outside counsel. Be at the forefront and proactively ask clients if they need assistance with their legal budgeting process or with other operational areas. Many firms have business professionals’ talent to lend as a value add to clients right now. This not only helps clients, but also it goes far in letting your firm’s business professionals know their importance to the firm and to client service teams.
By focusing on your firm’s team, both legal and business professionals, and firm clients, these actions will go a long way toward building loyal relationships.