Growing business in the 2012 legal environment is a daunting task even for the most established law firms. Economic uncertainty slams the brakes on outside counsel spending and a renewed focus on law firm consolidation drives corporate counsel decisions. Combine this with client satisfaction rates at a 4-year low and hope for success appears virtually non-existent.
BTI’s newest research with more than 240 of the world’s top-spending corporate clients reveals 306 law firms—identified solely through client feedback—outpace competitors through client service excellence. Discover 6 high-powered (and profitable) lessons from this year’s BTI Client Service A-Team.
- Superior Client Service Growing Scarce
With 171 law firms dropping from the exclusive list and just 76 new additions, clients are sending a clear message – earning client recognition for superior client service is a distinct honor and one bestowed on fewer than 50% of law firms.
- Client Service Pays
The BTI Client Service 30 earn 33% higher profits than an average law firm – a fact which holds true every year, despite changes in the specific law firms honored on this elite list.
- Rock Stars are Rare
Just 4 law firms celebrate a decade or more as part of The BTI Client Service 30, the elite group of the 30 highest-ranked law firms in client service. BTI welcomes Skadden, who joins Jones Day, Sidley and Morgan Lewis in The BTI Client Service Hall of Fame.
- 17 Activities Win Client Loyalty – 4 Activities Win Client Dollars
17 activities drive superior client relationships, but just 4 are proven to drive financial rewards. Strong performances in Commitment to Help, Providing Value for the Dollar, Client Focus and Understanding the Client’s Business earn law firms 30% higher profits, 7% rate premiums and 35% higher client retention.
- Adversity Breeds Opportunity
For the 6 newest members of The BTI Client Service 30, today’s challenging economic and political environment laid the groundwork to step up and shine. Clients celebrate Bass, Berry & Sims, Bracewell & Giuliani, Polsinelli Shughart, Seyfarth Shaw, SNR Denton and Weil, Gotshal & Manges for making client service a priority against the odds.
- Client Service Through Thick and Thin
Only 52 law firms (out of 650 serving Fortune 1000 clients) find a way to stay on top of client’s ever-increasing demands and remain on The BTI Client Service A-Team for 11 consecutive years – through up and down markets.
You can get full details on the results, including who and why, by clicking here and by joining us for a discussion on January 5, 2012 during BTI’s complimentary, annual webinar. Reserve your spot now.