Until recently, law firms have seen little need to innovate…Of course, those days are long gone, and while most law firms today recognize that it takes more than being a great lawyer to be a market leader, and a follower strategy isn’t necessarily a winning one, only a limited number of firms are seriously innovating.
Law firms invest significant resources in evaluating past performance. Predictive indicators of performance – identifying what is likely to occur and providing insight into why – are if anything of greater value. Consumer product and other market driven companies invest in market and customer research. Law firms have the opportunity to do the same through client interview programs.
Client relationship management programs are now well established in most firms.
In challenging times when achieving revenue targets is particularly demanding…
Some firms are proud of their focus on a small number of significant client relationships.