Law Firms Hyper Focus on Existing Clients: Only 33% Mean It

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New research by The BTI Consulting Group reveals firms with targeted growth strategies need more than just a plan

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The most powerful ingredient in any client team is your client.

Fully 92% of law firms are targeting existing clients for growth, but only 33% of these same law firms are funding their client teams to invest in these prized existing clients, The BTI Consulting Group’s new research with Chief Marketing Officers and law firm marketing leaders reveals. Client teams are a proven tool to gain market share in a flat market, but unfunded client teams are a bit like firing blanks. Firms with unfunded client teams quickly lose ground to the law firms with fully armed, fully funded teams.

BTI’s research also shows the funded client teams can (and do) invest in client-centric growth strategies by:

  •     Performing client research
  •     Developing client-specific tools and educational platforms
  •     Spending more time with clients outside the context of current matters

“The most powerful ingredient in any client team is your client,” comments Michael B. Rynowecer, President of BTI. “Your ability to leverage your client’s needs, objectives, preferences and priorities drives success.”

“With more than 500 law firms competing for Fortune 1000 clients, only the best armed, the best trained and the best implementers will defy market conditions and gain share—and clients,” Rynowecer continues.

BTI conducted more than 13,000 independent, individual interviews with C-level executives at Fortune 1000 companies and large organizations. Now in its 25th year, BTI conducts the only continuous benchmarking market study of C-suite expectations of professional services firms.

Find more information about this and other compelling research at http://www.bticonsulting.com or contact BTI at 617.439.0333. BTI is the undisputed leader in providing high-impact strategic client research to professional services firms and their clients.

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Michael B. Rynowecer
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