I ran another client feedback session yesterday from one of our client /introducer opportunity reviews – which work very successfully every time - to partners at a law firm client. This was just a small exercise that covered 6 individuals for 5 key clients.
From these independent 45 minute meetings with clients we identified substantial immediate opportunities to earn more fees at all clients; also, longer term opportunities with all of them and enough guidance to help the partners begin to think about both operational and strategic changes in their business.
Not only that, but the clients – without exception – very helpfully explained how our client law firm should tackle each of the opportunities with them.
These discussions dig deep very quickly because of the independent business-focused approach we take and the advance research we do on their business. “Columbo moments” are also invaluable. To give you a feel for what comes out of these sessions, here is just some of the feedback from one FD for just one of these clients:
- Need to get in now before they grow too much larger … and stick close as they are on the acquisition trail and the key contact may move on before too long. Given the contacts to do this.
- Should meet the in-house legal team, based relatively locally. As it turns out, one of the firm’s partners knows the new Legal Director from a previous company, but others didn’t know that he knew her.
- Get the legal team involved in training and CPD
- Found ways to get the MD on board too with seminar events
- Asking our law firm client to be more persistent in getting the FD to attend events – he wants to, but struggles to get there.
- Employment opportunities where work is currently handled by a larger firm at higher rates and at lower levels, so there’s an invitation here to offer a competitive service that our clients (with a specialist employment team) hadn’t presented yet. The FD believes that big benefits on price and quality of advice could be achievable?
- Longer term, develop solutions to take more responsibility for pro-active management of their property portfolio. The business is growing through acquisition, so our clients could at some stage soon (not just yet) make his life easier and take more control of this to build on an already excellent relationship with our clients in this area.
- Offer a package on personal legal services to their 900 plus, locally based employees … except employment.
- Commercial contracts – should be potential to do more at some level by developing the relationship with the legal team. Contacts given and an offer to introduce us to the right people (although that proved not to be necessary).
- Personal legal advice and wealth management for Directors has never been offered – to prove how good we are so you can feel good about recommending us to their employees
- Our clients need to understand more about their business, so he pointed us at sources of information, also what he’s interested in reading about.
…. all in the 55 minutes this meeting stretched to in the middle of his hectic schedule because we were able to take a step back and talk about him and his business.