The FT, in conjunction with Managing Partner Forum, has just undertaken a study including over 400 participants drawn from senior fee earners in law firms, and decision makers in law firm clients. You can access more detail at www.pmforum.co.uk – look for “putting clients at the heart of your firm”
The key findings include the point that clients are increasing rigour in procurement, having more frequent incumbent reviews, and are introducing more stringent performance measurement. What is also perhaps concerning is that clients and law firms have different views about what makes a successful relationship. For example:
- Clients look for more than legal expertise and they value a broader range of attributes (including transparency in pricing) than law firms recognise
- Clients want law firms to better measure performance and track satisfaction levels, though a more structured approach than they currently get. 30% say that the way their current main firm tracks performance and satisfaction is “not effective at all”
- Clients don’t think law firms provide enough information, or understand the client business enough.
Do you know what your clients think about these issues? Is there a gap between what your firm “knows” or believes, and what they do?