The new Stellar Performance research underscores the importance of law firms' focus on their most important client relationships, especially during transformational times
The legal industry is in the midst of a significant transformation, driven by the rapid advancement of artificial intelligence (AI), generational changes, and shifting client expectations, particularly when it comes to communication. To stay ahead, law firms must take proactive steps to evolve their communication strategies, succession planning, and approach to generative AI (GenAI) in order to maintain and strengthen relationships with their clients and better deliver exceptional service.
Recent research findings of the Thomson Reuters Institute, based on the insights of top-performing lawyers who excel in providing outstanding service and expertise to their corporate clients, highlight the importance of adapting to these changes.
You can access the most recent Stellar Performance research report here
Structured approaches to client relationships, such as key account management programs or industry-focused teams, provide a comprehensive and formalized path to engagement throughout the client lifecycle. This approach integrates proactive business development into lawyers’ daily workflow — a critical element to building revenue. Our research and experience have shown that these strategies lead to stronger, more enduring client relationships.
Implementing a systematic approach to managing client interactions has been proven to drive organic growth and improve client retention. Our research identifies three key strategies for success:
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- Assigning dedicated cross-practice teams to build strong client relationships and ensure seamless collaboration.
- Establishing regular, structured communication channels to stay aligned with client needs and address issues promptly.
- Creating clear incentives and performance metrics that prioritize client satisfaction and long-term value creation.
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To thrive in a rapidly changing landscape, law firms must be adaptable and forward-thinking. This ability will not only determine their current success with existing clients but also ensure their long-term resilience and relevance in the evolving legal industry, even in the face of uncertainty and challenges.
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