Study after study reinforces that one of the main causes of client dissatisfaction--and departure--is not knowing their business, which can mean being perceived as not having sufficient context for your legal advice to maximize its value. It also means that you won’t be able to proactively approach them with fresh thinking that will differentiate you from all the other lawyers whose expertise and experience equals yours.
If your conversations are largely limited to discussions about legal work in progress, or trying to get them to reallocate their current legal spend in your favor, you’re part of the problem. Here’s how to reposition yourself.
Let’s say your goal is to get every bit of legal business your best client has. For the moment, set aside the practical challenges of achieving that. Begin at the beginning: What would that perfect world look like, specifically? Here’s how to match legal services to the industry’s challenges.
Earlier this year, my friend Jordan Furlong published a post in his excellent Law21 blog: How Powerful Are Rainmakers Really? In it, he shared data that suggests that the rainmakers whom firms fear as 900-lb gorillas, and treat as divas, may weigh a more manageable 225 lbs.
Why would this matter to lawyers who aren’t on their firms’ Compensation- or Management committees? Because the data shows that even very successful lawyers’ books of business are more precarious than they might think, and therefore there’s no room for complacency.
Seemingly forever, the "pick two out of three" mantra was the accepted norm. Not anymore. Since the 2008 recession, clients want it all, and they're getting it. Here's how to make it possible for them to get it from you.