Monthly Archives: December 2015

Conveyancers’ New Year Resolution – Get closer, dig deeper with new prospects and clients to win more business … and enjoy the job more.

Silhouette person jumping over 2015 on the hill at sunsetEvery conveyancing practice that wants to grow their client base by providing more service to existing clients, their family, friends and work colleagues should help their conveyancers take a step back; help them to think and talk between themselves about what they could do to make it easier to help their clients to recommend them. 

This would help … so read on to find out about just some of the opportunities that are currently being lost (there are more that we discuss and address during this workshop).  Something to share with your team to help kick 2016 off in the right direction?

Key conclusions from our review of the results of the most recent research by the Property Academy and TM Group of 4,500 consumers and comparing them against the previous year (which we reported here):

Finding:  Confirming our research over many years, only 13% of the clients chose conveyancers that offered the cheapest price; down from 18% the previous year.

Our Advice: Conveyancers should be investing time now to learn how to sell their service much more effectively on value, not price.  Our mystery shopping of conveyancers confirms that very few firms are getting this right with most of the questions being asked revolving around “how much?”

Finding:  It also no surprise that clients who chose the service primarily for a lower price were significantly less likely to recommend their conveyancers enthusiastically to others.

Our Advice:  The key lesson here is that if you want to keep clients for life and build your business around new business from their friends, family and work colleagues, it is dangerous to cut your prices and service.  If you have little margin to ensure they get a service they really value, the chances are that a good number will not be happy and won’t come back.

Finding:  21% of people chose their conveyancer through a recommendation from a friend; up by a third since the previous year.  However, more than double that number (42%) would be willing to recommend their conveyancers, so opportunities are still being lost here.

Our Advice:  Conveyancers should focus on understanding and delivering what each client values in the service and relationship; then make it easy for existing clients to recommend them.  That involves routine ongoing research and review of what clients want and get; both formal and informal. Always ask clients if they would recommend.  You don’t want any “smiling assassins”, so talk to your clients and show willing to adapt.

Findings:  Choosing from an estate agent recommendation is still the most frequent route, but the 38% of clients who made their choice this way was down by 8% from the previous year.

Our Advice:  Perhaps clients are becoming more cautious, which gives conveyancers more opportunity to win new business directly by selling services better – on value.  However, there are clearly significant benefits in working with estate agents.

Property Academy Research - How did you choose your conveyancer, 2013, 2014

 

 

 

 

 

 

Findings:  Older clients and owners of higher value properties are more likely to recommend their conveyancers to others.

Our Advice:  Again confirms all our research and experience in practice over the years.  It hasn’t changed but lawyers have failed to be pro-active in developing the opportunities.  If you are going to invest time in developing relationships, focus on them as you are likely to get the best return on your investment.  Few firms segment private clients by age and property values, but should do.  These are also the most likely people to benefit (directly and for their families) in other higher value private client legal services.  Have you done this and initiated relationship-developing initiatives focused on their particular needs?

Findings:  On how and how often to communicate with clients during the transaction …

Property Academy Research - How to contact, 2014

Property Academy Research - How often to contact, 2014

 

 

 

 

 

 

 

 

 

 

 

Our Advice:  When it comes to deciding what a client will see as giving them the value they want, you simply must ask them.  Different people want different things; confirmed in the critical questions about communication (where many firms unintentionally get it very wrong); how and how often clients feel they want to be contacted by their conveyancer?

There is more enlightening information in this Home Moving Trends 2014 report; well worth downloading here to share across your practice.

If you are interested in developing your conveyancing services and your people to make the most of the opportunities available now, call me on 0161 929 8355 for a free, confidential discussion to explore some options; or complete this form and I will contact you.

Tackle the Problem: Help fee earners get focused effectively on their own financial performance

Unlock CashThis is a big problem for many law firms, but here is one of our  solutions to enable you to address it effectively; capable of producing big returns for your practice.

Focused on results from the initiatives we introduce in law firms that include technology, client relationships, development of people and process improvement, we are very aware of the obstacles to performance improvement that result from fee earners not fully understanding the impact of their own day-to-day financial management of cases and clients.

Very significant benefits can be achieved if all fee earners understand the financial implications of their day-to-day actions.  However, this is an area often overlooked in developing the business and personal skills of lawyers … and support staff in contact with clients.  Appropriate communication with clients is a critical part of any improvements, so it’s not just about the numbers.

Fee earners have the potential to make the greatest impact on the financial performance of any law firm. If they aren’t aware of the financial implications of how they interact with clients and are not comfortable with having financial discussions with clients, how can law firm management teams expect them to demonstrate the right behaviours?

The Solution:  Inpractice UK has partnered with the co-authors of the Law Society toolkit on financial stability in law firms, Armstrong Watson, to help fee earners improve their understanding of financial management.  The key aim is to help them get fully in tune with what and why senior management want them to evaluate their own performance (and that of their teams where appropriate) and introduce very specific steps to help achieve better results; often the beginning of a continuous improvement process.  There will be some quick wins immediately but much more to gain by carrying plans agreed here through, longer term.

As the SRA CPD regime is changing, we are finding that more law firms are getting a better grip on training; being pro-active to identify gaps in competence – then planning a blend of the most cost-effective training to develop people with knowledge and skills better aligned to improve the performance of the practice.

In this area, there are very significant benefits to be achieved by arranging training that is very specific to your practice in small workshop sessions in-house.  Fee earners can then be introduced to very specific opportunities to improve (and the potential direct financial benefits that can be achieved) in the context of your practice and their work.

Armstrong Watson currently provide this in-house training to partner and fee earner teams within law firms to:

  1. Make them more financially aware,
  2. Increase productivity and recovery rates,
  3. Reduce lock up to free up cash.

If you think your people could benefit from these interactive workshops please contact Andy Poole at Armstrong Watson on 07828 857830 to discuss how this could be designed to work most effectively for you – no obligation.  Quote our partner reference: INP10.

If you want to speak to us first for more background, please complete this contact request form or call us on 0161 929 8355.