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When Clients Are Risky Business
At his LawMarketing Blog, Larry Bodine reports that a new study by Redwood Analytics sheds light on how to identify risky clients -- not the clients who pose risks when they first walk in your door but the clients who are at risk of walking out the door. The study identifies four markers of whether a client is likely to stay. The client:
- Provides the firm a large amount of legal work.
- Has a mature, established relationship with the firm.
- Sends the firm work in more than two practice areas.
- Has more than two firm partners significantly involved in the management of the client’s matters.
The last two are the most important, Bodine says:
"Firms that successfully cross-sell clients are going to keep them. On the other hand, firms that allow partners to hoard clients and keep other partners away are likely to lose those clients."
In addition, the more varied the legal services provided to a client, the less likely it is to leave, Bodine says.
Posted by Robert J. Ambrogi on February 22, 2007 at 06:06 PM | Permalink
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