What is the biggest pain point you are currently facing in your role? Our webinar, From Good Law to Great Law™, polls showed that half of attendees are experiencing a pain point in regards to influencing lawyers to follow through on commitments. We also saw a large group (50%) that said an apathy or lack of lawyer engagement was the most challenging part of their role.
We're learning, with the voice of client research and aggregating insights from many reputable research organizations, what buyers of legal services are experiencing from high performing firms.
These five essential insights are designed to awaken why it is so important to pay attention to culture and client experience. We are seeing:
1. A Focus on Quality and Great Technical Expertise
First and foremost, we all know that we've come into an era where having high quality legal service and great technical expertise has become a table stake. Yet many buyers of legal service communicate that when law firms are engaging them, particularly around business development, quality and technical expertise continue to be highlighted or showcased as a differentiator. Buyers tell us that those key areas are the ticket for entry.
2. A Shift in Client Loyalty
To that end, we're also seeing a major shift in client loyalty. In fact, testing of client loyalty based on failure to execute fundamental client service principles. Recent statistics show that 60% to 80% of existing legal work is up for grabs.
When buyers are asked if they would be receptive to engaging or focusing on a new firm, 60 to 80% agree. If you're in an active business development mode this is great news. This reveals that clients are, perhaps, more open to hearing about what you have to offer. It should also though give many of us a pause, realizing that our clients may be among those statistics.
3. An Importance of Knowing the Client's Business
A third important insight is the recognition that clients have elevated at a fervor pitch of wanting to make sure that people know their business. We have seen clients desire for firms to know by their business, the plea for communicating both the consulting part of the work in the business, as well as the legal service.
4. A Sea of Sameness in Sales Pitches
We've also seen that sales pitches often feel like a sea of sameness, and in fact, we believe that 50 to 55 minutes of an average sales pitch are very often used by pitching law firms to communicate their representative expertise or their capabilities, and most law firms are pitching in a similar way. It's the firms that depart from the sea of sameness that tend to see the greatest potential and greatest opportunity.
5. An Increasingly Competitive Selling Environment
Another insight that many of you may know firsthand, is that we're in a competitive selling environment. Relying on history and tradition is no longer enough to have predictable or sustainable revenue. In fact, when it comes to closing the deal, we have found that there are multiple opportunities to ask your client or perspective client to engage you in permission to keep building relationship until you have an opportunity to do billable work.
Statistics suggest it takes 7 to 14 yeses before such time as a client is ready to engage your firm in a billable work or a billable project. You have 7 to 14 touch points or permissions to engage. In practical reality, many lawyers and law firms stop trying after two tries.
Ultimately the goal of any conversation that you're having with clients or perspective clients in the form of a pitch, is that you realize that it simulates client experience.