Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
DANGERS OF NEGLECTING BUSINESS SAVVYIn a recent business radio program interview, I was asked a series of questions about client development and retention. One was “WHAT ARE THE DANGERS OF AN EXPERT LAWYER NEGLECTING THEIR BUSINESS SAVVY?”According to our May, 2012 Closers Group U.S./Canada survey on Client Retention, 365 of the respondents indicated that a lack of attention and communication by the attorneys caused them to be fired. Reasons pjrovided included lack of contact, dissatisfied with service, and “never told us why.” All indicate a real absence of maintaining open, frequent communications.Next time, the “maximizing rejection” question.
DANGERS OF NEGLECTING BUSINESS SAVVYIn a recent business radio program interview, I was asked a series of questions about client development and retention. One was “WHAT ARE THE DANGERS OF AN EXPERT LAWYER NEGLECTING THEIR BUSINESS SAVVY?”According to our May, 2012 Closers Group U.S./Canada survey on Client Retention, 365 of the respondents indicated that a lack of attention and communication by the attorneys caused them to be fired. Reasons pjrovided included lack of contact, dissatisfied with service, and “never told us why.” All indicate a real absence of maintaining open, frequent communications.Next time, the “maximizing rejection” question.
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.