Michael Fawlk, former Vice President & Associate General Counsel, Philip Morris International
Client retention is key to law firm profitability. However, the tension between billable and non-billable hours can mean that this critical aspect of a lawyer's role is downgraded or carried out on an ad hoc basis when time permits.
Here are some (by no means exhaustive) thoughts from the inside for outside counsel on how to succeed at corporate client retention, based on years of client experience:
1. Play for the team. Recognize that when you start working with in house counsel you are joining a team with a shared objective: providing critical inputs to business decision making, together. The best relationships are mutually supportive and beneficial.
2. Listen, carefully. Without a clear understanding of the business problem you are trying to solve and, critically, the context, your advice is likely to miss the mark.
3. Walk in their shoes. Does your work product help them solve the challenge they face? Is it actionable? Remember this is not about demonstrating erudition, it’s about helping the client make the best possible decision.
4.Speak the language of business. Businesses make decisions about risk constantly. To make good decisions they need nuanced and thoughtfully calibrated legal inputs.“Some risk” or “there is a risk” don’t really add much. Talk about probability (“very unlikely” to “very likely”), impact (how will it impact the business’ plans?) and risk mitigation (are there alternative courses of action which can meet the same goal?) and you will find a receptive audience.
5. Seek feedback, consistently. Lawyers may gather feedback anecdotally from their clients, if they have time. But too often conversations about performance are client- initiated, starting on a negative note - something has gone wrong, or a bill is unexpectedly high. Don’t wait: it’s never good to start from a negative. Set up regular feedback calls - say, quarterly - and demonstrate that you have digested the feedback and where appropriate, acted on it. NPS anyone? Think about how you can reinforce the relationship.
6. Never assume. No matter how successful your practice is today, never assume, especially in this highly competitive market that success is a given: “Assuming that tomorrow will be like yesterday is a dangerous illusion” (@Rasmus Andersen, Hunger in Paradise - How to Save Success from Failure”).
In a nutshell: to create an excellent client experience and retain your clients, be client centric.
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