A recent analysis conducted by Lexis Nexis and Cambridge University’s Judge Business School made for somewhat disturbing reading.
The results suggest that even across the biggest clients of firms, key contacts believe their relationship partners and firms serving them have only a superficial knowledge of their business.
The report notes that “All clients were uniformly of the opinion that not only do the law firms not provide relationship services, in many cases they do not seem to see the need.”
This is causing some clients to look elsewhere for advice. Given this is a substantive risk to firm revenue, the authors recommend that firms stop focusing predominantly on a transactional approach to key clients and instead instil “a sense of partnership where the client feels valued and protected.”
Do you know how clients view their relationship with your firm?