Client relationship management (CRM) initiatives are high on our agenda with law firms, where most are still struggling to introduce the mindset, culture and supporting systems/technology needed to capitalise on the latent relationships across the practice that could be developed much more effectively to generate fees from new business. Without this, it is unlikely that lawyers can readily obtain, for example, the level of insight and strategic advice they provide in advance of new client meetings which differentiated this team from others.
So it’s good to see that Baker & McKenzie have been recognised for the hard – but rewarding – work they have put in to build and share knowledge of their clients to open up new opportunities. According to the Lawyer, “The Law Firm Management Individual of the Year gong went to Baker & McKenzie London client and business development (BD) director Julia Hayhoe, who has helped boost revenue in the London office by taking responsibility for identifying new prospects for the firm. Baker & McKenzie’s client and business development team summed up its contribution to the firm as being: Revenue. Profitability. Relationships. Brand. These are the four areas where the London business development team makes an impact at B&M. The judges agreed, with one highlighting a comment from a Bakers partner on the unusual depth of impact the BD team has on the firm, saying: The major difference with this BD team compared with previous experiences is the level of insight and strategic advice they provide in advance of new client meetings.”
At Inpractice UK, we find that listening to the FD’s, MD’s, CEO’s and COO’s of the clients of our legal clients – taking an independent, objective view of what the clients really want from their (or any) lawyers to support both them in their role and the business overall, aiming to establish a strategic relationship – is a much under-used tactic to open up and develop untapped opportunities. They provide the most powerful base from which to develop an understanding among your lawyers and support staff (when fed back through interactive case-study led workshops) of a) the value of the insights and strategic advice valued so highly by Baker & McKenzie and b) how to use them effectively.
Contact Allan Carton for more information on implementing CRM and our client listening programmes.