We all know the world of legal services is competitive. Procurement rules are complex and there are no shortage of firms looking for new clients. Worse still, the move towards in-house work means clients are spending less on legal services. In an environment like this, business development is vital. It ensures existing clients stay happy. It also works hard to bring new clients on board.
However, client relationships are complex and generating data on them can be time consuming. So how do you ensure you know each individual client’s needs are being met? How do you ensure you don’t miss cross-selling opportunities? How, in short, do you stay on top of all this information in a time effective manner? Well, Clocktimizer has put together a number of tools to make business development easy. Our platform breaks down your relationship with clients at the click of a button. We provide information on everything from current matters, to under used practice groups in easy to understand charts.
Data driven cross selling
It is easier to build on an existing relationship than to start a new one. According to the Harvard Business Review
“Building a new relationship is anywhere from five to twenty five times more expensive than retaining an existing one” Harvard Business Review
For this reason, many firms offer services which meet a wide variety of client needs. From managing mergers to solving employment disputes. However, the sheer breadth of these services mean it can be difficult to know which practice groups are working with a client. Clients may also not be aware of the myriad of ways a firm can help support them and their business.
For this reason, Clocktimizer allows you to break down work done for an individual client by practice group. This information is then presented in a comparison chart. It allows those working in business development to identify areas in which your firm is under-serving your client. Using this data, each practice group can ensure that clients are aware of their services. They can also build on the existing relationship to broaden the ways the firm supports each client.
Social graphs prevent single points of failure
Every firm knows that personal relationships underpin business relationships. It’s why clients will often follow lawyers when they move firms. However, identifying who is central to a client relationship is difficult. Clients often have multiple matters spanning multiple practice groups. Analysing the data from these matters is time consuming. Often, we only realise key team members after they have left.
To ensure you never lose a client to a departing lawyer, Clocktimizer has built in social graphs. Social graphs visualise connections between lawyers for a given matter or client. The more connections a name has, the more important they are. Because we map this in a visual way, it’s easy to identify your key players for each client. We map this data over time too. So you can see whether the changes you make are diversifying client relationships in real time.
Client metrics in seconds
Understanding and analysing client relationships is about more than the number of hours you have billed. As firms work more on a fixed fee basis, you must be able to identify the quality of each client relationship. This information can then go on to support business development teams in identifying their priorities. So what does that mean? Well, Clocktimizer can identify how profitable your relationship is with each client. Our platform can also demonstrate which specific activities provide the best return for a firm. As such, teams can focus on delivering this profitable work for a client. They can also avoid taking on work which proves to cost more to deliver than the fee arrangement had allowed for.
Good customer service is about knowing your client. What matters do they currently have running? Are they over or under budget and is the work on time? This sort of information helps inform conversations with clients. For this reason Clocktimizer allows you to quickly dive into the data behind each client. Do they work with more senior or junior lawyers? What work is currently ongoing for them? Because our platform offers answers to these questions in seconds, you can ensure that you head off problems before they begin. You have all the information you need to determine whether you are supporting a client to the best of your firm’s abilities.
If you wish to know more about our business development features, or would like to arrange a demo to see them first hand please go here to book a demo directly!