LexisNexis® Legal Newsroom
Firms Can Control Whether Clients Stay or Go

While the managers of professional services firms often view market pressures as the driving force that determines whether clients remain loyal or choose to shop elsewhere for added services, a study by the Redwood Think Tank indicates that firms have tremendous sway over which clients become long-term...

Cracking the Acorn Theory: Do Small Clients Grow To Be Big Clients?

Many law firms have a theory. Winning a small amount of work from a desirable client can be a good way to bring that client into the firm’s fold and begin a new relationship. Over time, the theory goes, if this client is nurtured properly, it can be coaxed to provide increasing amounts of work...

Client “Deciles” Help Focus Strategy

Research conducted by the Redwood Think Tank confirms what many business consultants tell law firm managers — that they should be judicious in devoting resources to small clients. Data indicates that small clients rarely grow into large clients and perform worse than large clients across multiple...

Client Attrition: Tools to Stem the Trickle of Lost Work

One of the best ways to hone a firm’s business strategy is to dig deeper into the assumptions relied upon to devise that firm’s business strategy. At the Redwood Think Tank, we reported not too long ago that law firms, on average, lose work from existing clients at the rate of 1% per month...

Client Size and Profitability: Do They Go Hand in Hand?

Concentrate on your key clients – a familiar mantra to many a law firm manager looking to boost the bottom line. But which clients should a firm designate as key? Where do you draw the line? Firms derive the vast majority of their work from their largest clients. But an ironic–and sometimes...

Is Your Firm A Milky Way or Snickers Bar?

And which do your clients prefer? Can your clients or prospective clients determine which you are? Do they care? Merrilyn Astin Tarlton has an entertaining piece on Attorney at Work that talks about clients being like kids in a candy store. If all candy looked and tasted alike, like law firms...

Cross-selling By Any Other Name

Semantics sometimes get in the way of some good advice. When you try to convince clients (subtly or otherwise) to engage your law firm for additional services not previously rendered, I think it is silly to argue about whether you are cross-selling or cross-marketing clients. I've known and...