Law firms should double down on their existing clients by focusing on client retention and satisfaction rates rather than billable hours and origination credits, says Kathryn Whitaker, Director of Recruitment and Strategy Consulting at Calibrate Legal in a recent article in Law Journal.
“New client acquisition can cost 15 times more than retaining an existing client, and yet most lawyers spend their limited and valuable time chasing new clients.
“The client life cycle does not stop once the client engages the firm. A satisfied client is table stakes — it’s proving to clients they made the right decision in hiring you. Once satisfaction is confirmed, the ideal client relationship advances to loyalty and, ultimately, to advocacy. A loyal client uses you for everything they can; they rarely seek alternatives. An advocate will share their positive experience with others and recommend you.
“Our aim should be a mutually beneficial relationship in which lawyer and client each feel known, trusted and liked.”