It’s been awhile since I harped on how important client satisfaction with their legal service provider is. Since starting this blog in January 2005, I have preached many, many times on how important feedback is for firms to retain existing clients or obtain referrals from them (See a few posts below on the subject). It started with my Top Ten Marketing Tips posts; and ranked No. 3 on the list in terms of prominence when it comes to developing (and holding on to) business IMHO.
With the significant changes in the legal profession that have occurred since the “second” great depression, client feedback is needed even more now. In fact, I should probably move it up to No. 2 on my list of best practices.
The topic has been mentioned in the Citi/Hildebrandt client advisory before, and it is again in the “2014 Client Advisory.” This year’s advisory addresses, under the topic of firm growth, three areas: organic growth, laterals and mergers. And under organic growth, it covers the issue of client feedback and the interrelationship with cross-selling, to wit:
“In Citi’s 2013 Law Firm Leaders Survey (LexisNexis® subscription req.)…57 managing partners of predominantly Am Law (sic) 100 firms described how critical cross-selling efforts have become….(T)he survey also found that while a substantial number of firms have a formal client feedback program, the majority (53%) do not.”
Two-thirds of those that have a formal program talk with clients about cross-selling; and those who don’t often talk about price. The advisory states that law firm clients more often ”talk about the importance of relationships with their firms.”
“Implementing a formal client feedback program is a key means by which firms can further cement their client relationships and capture greater market share.”
In today’s new world, it is important to solidify as many client relationships as possible in order to avoid reducing your firm’ market share. Nah, more than that, it’s critical.