Posted on February 9, 2021 by Silvia Coulter
Client Advisory Boards can help your firm stay on top of changing industry trends and clients' expectations. Advising your strategic account teams on how best to add value is just one of the many benefits the firm will receive from a board of top clients who care about your firm's success as one of their business's legal providers.
Why create a Client Advisory Board?
Client retention and growth are based on your firm's strong relationships with its clients. The changes affecting the legal industry are profound. How firms develop and deliver legal services will continue to evolve into new business models driven by technology. Buyers of legal services expect value, responsiveness, business understanding, and outstanding work product – all at a competitive and fair price. Now more than any previous time in the industry, it is imperative to build stronger and deeper relationships with your best clients. It is fair to say that for most firms, their top 20 to 30% of clients typically generate 70 to 80% of the firm's revenue. Inviting and engaging some of these key clients on a Client Advisory Board will deliver:
- Early warnings of shifts in client needs and emerging opportunities (Market Research)
- New Service Development feedback (Innovation)
- Decreased client attrition and churn, especially among the Client Advisory Board members (Customer Loyalty)
- Advocacy for approaching and appealing to similar clients, including referrals (Sales)
- Intelligence on competitors' tactics and strategies – what’s working and what's not (Market Intelligence)
- New opportunities to drive revenue (Revenue Growth)
Begin by setting Advisory Board meetings twice a year. For firms with one office, this meeting could take place at a local restaurant--with pre-dinner cocktails and a speaker. For firms with more than one office, meetings may take place virtually, or as some businesses have found, in person once a year and virtually the other time of year.
Be sure to have a focused agenda, Advisory Board notes for review before the meetings, and a brief presentation by the firm's Chair/Managing Partner about its successes year-to-date. Advisory Board members will enjoy hearing from one another, so be sure to include time for brief updates about their businesses from each member.
Create a client advisory board by inviting some of the firm's key clients to participate, and the firm will realize the benefits of doing so fairly quickly.
About the Author: Silvia Coulter is a co-founding Principal of LawVision Group. Silvia Coulter is widely regarded as one of the legal industry’s most experienced business development and leadership consultants. Her experience includes working as a former strategic account executive and sales leader at a Fortune 50 company, a chief marketing, and business development officer at two global law firms, and consultant and facilitator to professional services firms across the globe. She was an Adjunct Professor at George Washington University’s College of Professional Studies in the Master’s in Law Firm Management program (2010-2019), a co-founder of the Legal Sales and Service Organization (www.legalsales.org), a Past Elected President of the Legal Marketing Association, and an elected Fellow of the College of Law Practice Management. She is a frequent speaker and facilitator at professional service firm retreats and legal industry meetings. Silvia is the co-author of three books: The Woman Lawyer’s Rainmaking Game, Rainmaking Advantage, and SAM-Legal: Turning Key Clients into Strategic Accounts.
Posted on January 26, 2021 by Silvia Coulter
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Posted on October 6, 2020 by Silvia Coulter
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Posted on September 14, 2020 by Silvia Coulter
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Posted on August 25, 2020 by J. David Harvey
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Posted on August 17, 2020 by Jay Harrington
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Posted on August 12, 2020 by Jay Harrington
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Posted on July 27, 2020 by J. David Harvey
What does diversity and inclusion have to do with marketing and business development? Quite a bit, as Dave Harvey of LawVision explains in this week's blogpost. Clients have been driving the process of raising awareness about the critical importance of diversity and inclusion. And law firms that are successful in addressing these issues will be better prepared to meet the increasing demands of clients in this arena.
Posted on May 19, 2020 by Joseph Lamport
Now is a great time for law firms to sharpen their digital marketing strategy, according to Robert Schmid, the VP of Zola Media. Among other things, the COVID-19 has triggered major changes in consumer behavior and search patterns, which has created a new landscape of opportunity for law firms in the arena of SEO and PPC advertising.
Posted on January 7, 2020 by Joseph Lamport
As part of a time-honored publishing tradition and service to our readers, here is a list of the most read stories that were featured in the Law Firm Marketing Brief in 2019. What do you suppose it says about our readers and the state of the legal market in general that the top story was about what marketing leaders can do to help foster law firm innovation?
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Posted on June 5, 2019 by Joseph Lamport
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Posted on May 1, 2019 by Joseph Lamport
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Posted on March 27, 2019 by Joseph Lamport
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Posted on March 6, 2019 by Joseph Lamport
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Posted on February 21, 2019 by Joseph Lamport
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