Engaging With Clients in Turbulent Times: Why Relationships and Value Delivery Matter More Than Ever
By Robert D. Randolph, Jr., JD
Original Post: https://www.linkedin.com/feed/update/urn:li:activity:7330624677251338240
When uncertainty dominates the headlines, clients naturally become more risk averse. They pull back on long-term commitments, focus on essential legal work, and scrutinize every investment. According to a recent Axiom survey, nearly 80% of in-house leaders are concerned about today’s unprecedented regulatory, policy, and business turbulence. This translates to slower hiring, tighter budgets, and a laser focus on efficiency and predictability.
In this environment, clients are less likely to try new firms, experiment with unfamiliar advisors, or pursue creative business objectives. Instead, they rely on what-and who-they know. Decisions are made by larger teams (average buying decisions already include five or more individuals), and the bar for trust and reliability is set higher than ever. Breaking into new client relationships becomes a steeper climb, while existing relationships with advisors that understand their business and sector become more valuable.
Over the next few months, we will be sharing tips and best practices for delivering client value and generating profitable revenue in uncertain times, including:
Client retention: Protect existing client relationships by leaning in to provide advice and support is your highest priority.
Enhanced value delivery: Design and deliver service offerings that address clients’ biggest challenges and/or meet expanded resource and capacity needs.
Leverage trust: Dust off your pandemic strategies and get your teams to conduct client wellbeing check-ins. Create a script tailored by sector, role, and/or type(s) of clients. Encourage lawyers to call their client contacts and offer to brainstorm, provide support, take things off their plates, and demonstrate that you’re listening, engaged and adapting to their needs.
Networking: Stay visible and connected within your clients’ industries. Ensure you are aware of how each industry is addressing challenges. Provide helpful and relevant thought leadership.
Lateral hiring and integration: When onboarding new talent, ensure they’re seamlessly integrated so clients feel continuity, not disruption. Double down on making the new client relationships they bring feel fully comfortable with your firm.
In summary, when clients are cautious, law firms that focus on relationships and value delivery are best positioned to not only retain business but also uncover new opportunities.