What is really needed to develop and maintain profitable client relationships? We find it is not only dependent on a well implemented CRM application. Just like an expensive photo camera does not automatically create a good photographer. When we talk about maintaining good relationships, we talk about how people care, and how they are able, to connect.
It is one of the greatest challenges for a law firm to leverage existing client relationships to cross-sell new services and talent to solve the clients’ problems. It is a growing insight in the legal market that it may be easier to pursue the low-hanging fruit of a larger “share of the wallet” from existing clients, than to chase for new clients.
Now that’s where we run into the overall strategy, needed to implement a true Client Relationship solution. To really achieve results in cross-selling between different practice-areas and services within the own Law Firm, the firm may need to get attorneys to collaborate on client relationships and they might even consider to eliminate origination credit, replacing it with financial incentives for cross-selling across offices and practices.
As mentioned during the 2014 ILTA Conference session titled Making CRM Work in a Law Firm several ILTA attendees noted that sharing is more than caring – it’s a matter of firm policy. The moment an attorney signs on with a firm, whether a lateral hire or otherwise, they are also agreeing that their contacts are no longer just their contacts, but the law firm’s contacts.
At the end, what we think really matters is, that every one within the firm will collaborate and share their knowledge, their contacts and their relationship activities, regardless of practice-areas or locations, with any one within the firm that may be able to improve client service, strengthen relationships and increase firm revenue.