1. The typical primary law firm provides 3 practices to a single client.
Fiction:
On average, a primary provider delivers 1.8 practices to a single client—meaning most law firms deliver one, and a handful service 2 practice areas. The average client has 4 major practice needs and 5 minor, but measurable, needs. This suggests ample opportunity to focus business development initiatives on existing clients.
2. Improvements in client service performance can have a dramatic impact on your bottom line.
Fact:
Every four-tenths of a point (on a 1 to 10 scale with 10 being the best) you improve in client service delivery can translate into an additional $1.4 million in fees from a single client—making excellence in client service one of the most effective growth strategies for law firms.
3. Cross-selling and client service performance are inextricably linked.
Fact:
Clients, on average, rate their primary providers an 8.7 out of 10 (on the 1 to 10 scale mentioned above) in client service performance. However, firms who earn a 9.1 or higher on this same scale deliver 3.1 practices. The message is clear: consistently superior client service gives you access to more practice areas at a single client—driving growth and profitability.
Breaking Down the Facts
In a market where law firms can only grow by stealing fees from other law firms, superior client service becomes one of the most potent tools to build business while protecting your turf. Superior client service gives you access to work in more practice areas.
Moving your client service performance needle even a tenth of a point demands advanced client service prowess and innovative approaches. One example is reducing the billing hour target for the lead partner and replacing these billable hours with developmental efforts to build a superior relationship with a single, large client.
Unconventional by today’s standards—but highly effective—and a glimpse into how law firms will do business in the future.
MBR