How Law Firms Can Get More Business From Existing Clients. As an existing provider of legal services, you have an advantage over any new competition. That is, a bank of clients who already know you and are doing business with you.
It is widely accepted that it is cheaper to sell more to your existing clients than to go out and find new ones. It therefore makes sense to make sure that the information you hold about them is accurate and up to date.
Be aware, the new competition such as ABSs and large law firms are targeting your clients through various regular marketing activities. You already have a relationship with them – keep them by keeping in touch you increase your chances of attracting more business from existing clients.
Use this communication channel to find out what your clients are looking for and devise solutions to meet their needs. There are opportunities that can be utilised such as client review meetings or being ready when a commercial client is tendering for or reviewing their legal advice requirements.
Make sure you organise your existing data so that you have a useful system from which to send regular and, most importantly, relevant information to keep your presence in their mind. Insurance companies don’t assume you’ll remember to renew your premium – they get in touch to remind you.
By centralising the information you hold about your clients, this helps co-ordination between departments and enables individual fee earners to offer an improved service by responding more quickly – something that is regularly cited in research as being very important to clients.
Maintaining contact with your existing clients is an excellent potential source of revenue, but also a great way to show compliance with Outcomes-focused regulation – specifically the need to “provide a proper standard of service to your clients” and to evidence that you have achieved the Outcomes required in Chapter 1 of the Code of Conduct.
Take a look at some case studies for clients we work with.
SUMMARY – more business from existing clients.
- Your existing client database is a goldmine
- Organise your client data centrally to improve co-ordination and response
- Different departments will have different approaches
- A seasonal/date/reminder?
- Offer a client review?
- When are potential commercial clients tendering?
- How do they like to be approached?
- What are they looking for?
- It’s not just about potential revenue, there are also compliance requirements