Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Imagine yourself craving a delicious orange. The fastest, easiest way to get fresh, ripe oranges isn't by planting new seeds and hoping they grow. It's by tending to the existing, fruit-bearing trees. Similarly, in legal practice, your existing clients are your most abundant source of potential revenue. This article explores the importance of client retention, strategies to nurture client relationships, and how to leverage those relationships for business development.
Various sources say that it can cost 10 to 30 times more time and effort to acquire new clients than to retain existing clients. On the other hand, spending that time instead on making sure that you keep your existing clients happy — tending your existing orange trees — can reap substantial benefits and generate significantly more revenue. In fact, research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) demonstrated that increasing client retention rates by just 5% can yield profit increases of 25% to 95%.
Your existing clients are the low-hanging fruit of business development. They are right in front of you, ripe and ready. But even low-hanging fruit needs to be picked. If you become complacent or, worse, fail to provide the same high-quality service and attentiveness that attracted these clients in the first place, that relationship can rot pretty quickly.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?