A recent article in the Law Gazette described the potential impact on major firms in 2013-14, of corporate clients reviewing their law firm relationships.
This risk holds for all providers of professional services. Erroneously, it can sometimes be viewed as just a “tick box” approach. It’s never entirely that.
This should remind firms to consider how well they are positioned on the key things that drive value to clients and enable them to retain relationships. Taking a step back, how robust is your insight about your position with key clients, and what are you doing to protect it?
Client research is of course one way to reduce that risk – I always remember a remark made by one law firm client. While the day to day service provided by the firm was fine, they were going to be culled from the panel.
The reason? They did not understand enough about the client’s business or strategy.