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EXHANCE RELATIONSHIP BUILDING – In the first column on client retention and relationship building tactics to use during this difficult economic period, we discussed “expanding client efforts.” Today's topic is ENHANCING RELATIONSHIP BUILDING. Building, maintaining and cultivating client relationships is more important than ever in this market. clients value relationships and relationships build trust, loyalty and retention. Know the “voice of the client”: go where they go, read what they read, and know who they know. Ask them to participate in a conference, to co-author an article, and to speak to your younger attorneys. – or consider inviting them to join you for a round of golf or go to the opera. Spend time building the relationship now and down the road, you'll be able to ask for references and introductions.In the next post of this series, we'll discuss the importance of maintaining and building effective internal strategies that strengthen a law firm's core – its employees.
EXHANCE RELATIONSHIP BUILDING – In the first column on client retention and relationship building tactics to use during this difficult economic period, we discussed “expanding client efforts.” Today's topic is ENHANCING RELATIONSHIP BUILDING. Building, maintaining and cultivating client relationships is more important than ever in this market. clients value relationships and relationships build trust, loyalty and retention. Know the “voice of the client”: go where they go, read what they read, and know who they know. Ask them to participate in a conference, to co-author an article, and to speak to your younger attorneys. – or consider inviting them to join you for a round of golf or go to the opera. Spend time building the relationship now and down the road, you'll be able to ask for references and introductions.In the next post of this series, we'll discuss the importance of maintaining and building effective internal strategies that strengthen a law firm's core – its employees.
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.