According to Martha Cusick Eddy, only 25 percent of general counsel rate their relationships with their lawyers as an "A." In tougher times, that disconnect can be disastrous for you. Eddy joins business development expert Michael G. Cummings in this transcript of Apollo Business Development's original live Webinar to show what clients want and the right moves to make to ensure a thriving future with them.
Recent research shows that only 25 percent of general counsel rated their relationships with their lawyers as an "A." In tougher times, that disconnect can be disastrous for you. Eddy explain what clients want from their lawyers in eight key areas... and the right moves you can make to avoid trouble and ensure a thriving future with your clients.
Business downturns can make or break your most important client relationships. A mistake can cost you a client’s business when you can least afford it, while making the right moves will lead you to stronger relationships that will endure and grow. Even more is at stake now when your clients' needs are shifting rapidly in the turmoil and uncertainty of a recession.
But if you think that most of your clients are satisfied with your work, think again. Research shows that law firms consistently rank themselves twice as successful at client satisfaction as clients do. In the 17th Annual Survey of General Counsel conducted by Inside Counsel magazine, 52 percent of law firms gave themselves an "A" on their client relationship. Only 25 percent of the clients rated the relationship an "A." That is a big disconnect.
The business downturn is having an undeniable impact on your most important asset, your client relationships. Look at the measurable toll on relationships:
- 40% of general counsels have fired outside counsel during the past year due to fees
- 2/3 of GCs plan to consolidate the number of lead firms they use
- Legal budgets are either stagnating or declining
- Over 60% of GCs fired a primary law firm in a recent 18 month period
- Firms are laying off attorneys who used to serve some of their top clients
This white paper will prepare you to meet the challenges of managing client relationships in a downturn. You will learn how to:
- Hear the voice of the customer: Understand what General Counsels say is pressuring them and how that re-aligns their relationships with the firms and individual attorneys who serve them - based on interviews with over 100 GCs
- Make the right moves: Learn how top relationship managers address these client pressures, cultivate new ways to be of value and emerge from recessionary times with even stronger relationships
Topics Covered:
- How General Counsel View Their Relationships with Their Law Firms
- How the Downturn Is Changing the Relationship
- Why Attorneys Are Not Seen as Valued Business Advisors
- Dealing with Fee and Billing Flash Points
- Why Miscommunication Is the #1 Cause Of Lost Relationships
- Questions To Ask Every Client
- How To Add Value in Down Times
- The Critical Need To Build Personal relationships Across the Client Organization
- Finding New Opportunities to Add Value
- Keeping Competitors from Making In-Roads at the Client
Purchasers will receive a PDF file of the white paper.
About the Speakers
Guest Speaker and Client Interview Expert Martha Cusick Eddy joins us with powerful research direct from the mouths of more than 100 General Counsels on what they like and don't like about their lawyers. Ms. Cusick Eddy is a partner with Marketing Evolutions (www.marketingllp.com), where she regularly conducts client interviews and surveys. She helps firms build sustainable client relationships and carve out defensible market positions that offer long-term competitive advantages. She has served as president of the American Marketing Association, Colorado Chapter, and the Rocky Mountain LMA.
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Apollo Business Development expert Michael G. Cummings has been a marketing strategy and business development consultant for over 20 years.
Early in his career, Michael was an instrumental member of the team that established the headquarters strategy and marketing function at Andersen Worldwide (Arthur Andersen & Accenture).
Based on his years of experience in working with the top business generators in the consulting, systems integration and accounting professions -- they have translated proven best practices into practical, reality based skill building systems and training programs. And he co-authored a new book – Mastering the Art of Marketing Professional Services: A Step-by-step Best Practices Guide (AICPA).
Earlier, Michael was partner at Mercer Management Consulting -- a leading business design consulting firm. At Mercer, he was responsible for new business development, managing client relationships and delivering business design engagements in the communications, information and industrial industries.
In this role, he was a leader of Mercer's top North American account over the past 6 years: IBM. Using his account planning, relationship management and selling skills developed over the years, Michael helped Mercer to create over 300 senior executive relationships and sustained base of business. He also led account teams aimed at expanding relationships with Motorola, Siemens and NCR.
