Moving your client service performance needle even a tenth of a point demands advanced client service prowess and innovative approaches.
Wellesley, MA (PRWEB) November 05, 2013
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 turf. The BTI Consulting Group’s research with C-level executives at the world’s largest companies reveals law firms earning a 9.1 or higher (out of 10) in client service performance deliver 3.1 practices. Clients, on average, rate their primary providers an 8.7 on a 10-point scale, with those firms delivering 1.8 practices to a single client. The message is clear: consistently superior client service gives firms access to work in more practice areas.
Those improvements in client service performance can have a dramatic impact on the bottom line. BTI’s analysis finds every four-tenths of a point law firms improve in client service delivery can translate into an additional $1.4 million in fees from a single client.
“Moving your client service performance needle even a tenth of a point demands advanced client service prowess and innovative approaches,” comments Michael B. Rynowecer, President of BTI. “For example, reduce the billing hour target for the lead partner and replace these billable hours with developmental efforts to build a superior relationship with a single, large client.”
“It’s unconventional by today’s standards,” Rynowecer continues, “but it’s a glimpse into how law firms will do business in the future.”
BTI conducted more than 300 independent, individual interviews with CLOs and General Counsel at Fortune 1000 companies and large organizations. Now in its 13th year, BTI conducts the only continuous benchmarking market study of corporate counsel worldwide.
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.