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GOING THE EXTRA MILE: Using Client Data to Improve Client Service, Loyalty, AND Revenue
The presentation discusses the importance of using client data to enhance client service, loyalty, and revenue in law firms. It emphasizes the need for firms to adopt key performance indicators (KPIs) related to client satisfaction and to actively seek client feedback through surveys. By focusing on client experience and adapting to their needs, firms can improve profitability and better compete in an evolving legal market.
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GOING THE EXTRA MILE: Using Client Data to Improve Client Service, Loyalty, AND Revenue
- 1. GOING THE EXTRAMILE: Using Client Date to Improve Client Service, Loyalty, AND Revenue PRESENTERS: Mary Juetten: @maryjuetten
- 2. 2ABA TECHSHOW March16, 2017 Going the Extra Mile March 16th 2017 9:00 Why Client Data? 9:30 Survey Approach 9:40 Next Steps 9:45 Questions
- 3. Why Client Data ABATECHSHOW March 16, 2017 3
- 4. 4ABA TECHSHOW March16, 2017 Why Client Data? What: KPIs, metrics & Data Driven decisions When: Throughout the Matter Where it’s worked – client experience – net promoter score (NPS) but it is more: - Client needs: expert systems, like Traklight for business; WeVorce for divorce; and Neota Logic for others. - Client referrals Hint: Your firm must be open to change in terms of process.
- 5. 5ABA TECHSHOW March16, 2017 WHY FOCUS on CLIENTS Clients bring cash & repeat business; Cash is King and critical to firm survival Clients are demanding more for less and lawyers must pay attention to their needs Avvo’s “Sink or Swim: How to adapt to the new Legal Consumer”* • Informed, Connected (online), Picky • 1 in 5 believe can figure out what lawyers know • Shop for legal like other purchases (online) • 95% use reviews *http://go.avvo.com/new-legal-consumer-download
- 6. 6ABA TECHSHOW March16, 2017 WHAT Key Performance Indicators are metrics for measuring all aspects of business of the law. Law can borrow from other professional services and industries for KPIs & Technology. Focus on outputs: client experience rather than inputs such as hours billed. Look to value not price.
- 7. 7ABA TECHSHOW March16, 2017 Thomson Reuters Small Law Firm KPI Survey Participants: • 690 surveys sent out to customer panel June 2016 • 62 Firms Responded: 10 Solos & 50% under 10 Attorneys • Only 3 measure Client Satisfaction (less than 5%) yet the TR State of Small Law says the number one success measure is customer satisfcation (88%).
- 8. 8ABA TECHSHOW March16, 2017 Start with Clients Lawyers are dependent on referrals and our reputations. Define your IDEAL client Do not be afraid to end bad client relationships Monitor relationships throughout the matter and beyond.
- 9. 9ABA TECHSHOW March16, 2017 Focus on Clients: Happy Clients; Profitable Practice What input do the clients have into your practice? What will you do with that input? Borrow from outside of the legal industry: Value of delivery Transparency File Turnaround Customer Satisfaction (NPS) and complaints Referrals
- 10. 10ABA TECHSHOW March16, 2017 CLIENT EXPERIENCE: Net Promoter Score (NPS) Net Promoter Score (NPS) (%) The percentage of total clients responding to the survey question who are promoters less the percentage of total clients responding who are detractors. Q: On a scale of one to ten (with one being not at all likely and ten being extremely likely), how likely are they are to recommend your firm to their friends, family, and colleagues? Why or Why Not?” as an optional question Allow for feedback, good and bad. Survey must be tracked, not anonymous. Technology: Google Documents or Survey Monkey, Excel for responses. Follow-up emails or calls.
- 11. Survey Approach ABA TECHSHOWMarch 16, 2017 11
- 12. Benefits and Value Easyto administer. Update and upgrade law firms database Help market new services Provide a structure for face to face communications Ongoing evaluation of the firm's quality/service/delivery ABA TECHSHOW March 16, 2017 12
- 13. Survey Techniques |Methodologies Written Face to Face Personal Focus groups Client panels ABA TECHSHOW March 16, 2017 13
- 14. Next Steps ABA TECHSHOWMarch 16, 2017 14
- 15. 15ABA TECHSHOW March16, 2017 Make a Plan • Pick your biggest pain point • Design your survey or feedback - make it easy for clients (WPLG ex) • Test it on a small group (McCarthy Tetrault) • Don’t be afraid to make changes (Modern Law)
- 16. 16ABA TECHSHOW March16, 2017 Final word on Data Garbage In; Garbage Out. Systems – from manual to high tech, define your workflow. Link data sources and set up as many automatic downloads & links as possible.
- 17. Questions ABA TECHSHOW March16, 2017 17
- 18. 18ABA TECHSHOW March16, 2017 Small Law Firm KPIs: How to Measure Your Way to Greater Profits Order your copy today or visit TR Booth at 1:15pm: http://legalsolutions.com/Juetten 20Juetten Practical Guide to implement KPI framework as a Dashboard requiring only spreadsheets @maryjuetten mejuetten@traklight.com Traklight.com Evolvelawnow.com
Editor's Notes
- #3 Slide 1: Benefits and Value: Easy to administer. Update and upgrade law firms database Help market new services Provide a structure for face to face communications Ongoing evaluation of the firm's quality/service/delivery Slide 2: Survey Techniques/Methodologies Written Face to Face Personal Focus groups Client panels Slide 3: Getting the most out of your dollars: Consistency Implementation Benchmarks Slide 4: Bottom-line: Getting things done "Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit" Conrad Hilton Paramjit Mahli, Law Firm Business and Media Relations Consultant Tel: 646-763-1407 Email: pkmahli@gmail.com
- #6 Clients are online so you must be online – gathering their data includes data on their needs – forms like Traklight and other expert systems.
- #8 Twenty-one or 34% of the 62 reported using various time and billing software only and twenty-seven or 44% indicated use of a practice management system which in some cases includes time and billing capabilities
- #9 average small law firms collect cash anywhere from almost 90 to 150 days after recording the hour – GLSA and Evolve Law. Depends what your policy is to pick target.
- #10 average small law firms collect cash anywhere from almost 90 to 150 days after recording the hour – GLSA and Evolve Law. Depends what your policy is to pick target.
- #13 Credit cards are often utilized for large purchases. Retainers and flat fees are paid by credit card more and more. Forcing a client to pull a cash advance can lose the client if someone else offers the availability to pay by credit card. Checks can be another form of payment. Invest in software/companies that will run the checks instead of waiting for deposit schedules, etc. Bounced checks can cost a firm much more than the fee itself. Bartering can be useful if necessary. Exchanging a form of work (i.e. advertising) or other type of necessary expense for payment can assist with firm’s bottom dollar, obtain client’s not normally able to afford an attorney outright and decrease accounts receivable. Email links, secure client portals or website links which allow payments to be made online are necessary in today’s technology. I pay all of my bills online. If payment must be called or mailed in – it is the last payment I make! Today’s consumers pay bills online through website portals or bill pay. Often family members, friends or others will assist clients with large fees. Providing an easy to use link/portal that can be used by others will help your client get the bill paid. Limited scope representation / unbundled services – check your state ethical rules - attorneys can contract for specific motion responses, hearings, drafting of documents, etc. for a limited fee and as long as filing requirements met – withdraw without court permission.
- #14 Credit cards are often utilized for large purchases. Retainers and flat fees are paid by credit card more and more. Forcing a client to pull a cash advance can lose the client if someone else offers the availability to pay by credit card. Checks can be another form of payment. Invest in software/companies that will run the checks instead of waiting for deposit schedules, etc. Bounced checks can cost a firm much more than the fee itself. Bartering can be useful if necessary. Exchanging a form of work (i.e. advertising) or other type of necessary expense for payment can assist with firm’s bottom dollar, obtain client’s not normally able to afford an attorney outright and decrease accounts receivable. Email links, secure client portals or website links which allow payments to be made online are necessary in today’s technology. I pay all of my bills online. If payment must be called or mailed in – it is the last payment I make! Today’s consumers pay bills online through website portals or bill pay. Often family members, friends or others will assist clients with large fees. Providing an easy to use link/portal that can be used by others will help your client get the bill paid. Limited scope representation / unbundled services – check your state ethical rules - attorneys can contract for specific motion responses, hearings, drafting of documents, etc. for a limited fee and as long as filing requirements met – withdraw without court permission.
- #16 Consistency Monthly bills a must – clients remain well informed and happier overall Show expenses and time entries - be sure expenses are clear if you are fronting those cost Be sure clients understand the bills, the time entries and what retainer or A/R there is Retainers When you tell a client to bring you a $5,000.00 retainer, they hear my case costs $5,000.00. Showing the retainer decreasing as work is completed prepares the client for replenishment requests. Sending a bill at the end of the case showing all work, retainer being used and requesting additional funds is often a huge complaint for clients – and a way to ensure write offs or reductions will happen Non-refundable fees Non-refundable fees must still be billed in a way that shows the fee was reasonable and earned Bills should bill time as 0.00 but track actual time – adjustments may be required based on amount of time Firing a client Waiting until the case is over, or almost over is too late to recoup time and costs Waiting until trial could mean motions to withdraw are denied Clients who do not pay do not grow a business Drains on time and resources from other paying clients Typically are not satisfied clients – even if they received the service for free or large discount