Innovators, particularly in Law, have come to see that optimal client relationship management is key to differentiation and enhanced revenue cycle management
NEW YORK, July 25, 2024 /PRNewswire-PRWeb/ -- A new report from Law.com Compass Pacesetter Research (previously known as ALM Intelligence Pacesetter Research) has found that professional services firms are waking up to the crucial importance of focused and actively-managed client relationships as they struggle in difficult markets to grow revenues. By assuming greater control over their client engagement strategy, Innovators have been learning how to turn it into a core part of their value proposition. There are many iterations of this journey with some beginning with pricing, others marketing & sales, some started with brand management, others with technology services (e.g., e-billing, or CLM), but all lead towards closer collaborative relationships with clients.
"The interesting thing is that while most firms began with self-serving goals – cost reduction, payment cycle shortening, upselling, etc. – true Pacesetters all realized that meeting client needs such as data management, greater predictability in billing, and linking solutions to other client business needs proved mutually-beneficial and led to greater trust," said Tomek Jankowski, Director of Law.com Compass Pacesetter Research.
Key trends identified in this research include:
- New, advanced technologies are reshaping value chains, increasing efficiencies but also accelerating commoditization across industry verticals, compelling companies to seek differentiation through closer management of their client experience – just as Peter Drucker anticipated in the 1990s
- On the lower end of the scale, the focus tends to be on cost reduction and precision marketing through customer/client segmentation, but on the higher end of the scale companies are seeking to partner with clients to build longer-term, more mutually beneficial relationships
- B2C companies paved the way initially with CRM and customer experience (CX) management but in 2024 clients are demanding more of their B2B vendor relationships
- For law firms, pricing teams and AFAs are the low-hanging fruit but Innovators are using data sharing, technology support, integrated revenue cycle management services, team and timekeeper transparency, and more systematic communications to more effectively manage their relationship with legal departments
In this report, Law.com Compass Pacesetter Research evaluates how Innovators manage their own client relationships while helping clients develop their client strategies, and how they use the lessons learned from the former to inform the latter. The Innovators profiled in this research include Accenture, Bain & Company, Ballard Spahr, Boston Consulting Group, Deloitte, EY, Horváth & Partners, Husch Blackwell, Kearney, KPMG, Locke Lord, McGuireWoods, McKinsey & Company, North Highland, Oliver Wyman, Prince Lobel Tye, Protiviti, PwC, Reed Smith, Roland Berger, and Seyfarth Shaw.
Law.com Compass Pacesetter Research provides independent, objective research to providers and buyers of professional services and practical insights that inform decision-making processes.
To learn more about the research or to obtain the full version of the Client Engagement 2024 report, go to: http://www.law.com/lawcom-compass/pacesetter-research.
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