In October Daria Radchenko, Eric Chin and I revealed an important fact regarding what most law firms don't know about their clients.
In this post we publish more findings from our analysis of the data about law firms.We show the very strong correlation between the number of practices groups a client uses and their level of satisfaction does not depend on the size of the law firm or the position of the client. (more…)
Amidst the tough times for law firms there's deep insight, opportunity and hope in a new research finding that reveals what most law firms don't know about clients.
If this sounds too good to be true, it's not. It's based on analysis of the responses on 7,061 individual buyers and users of the services of corporate and commercial law firms. (more…)
Flying across Lake Michigan to land at O'Hare airport today, I was recalling what I know about Chicago.
One thought led to another and courtesy of in-flight wifi, I thought I’d share some data to challenge you to think about the premium in your firm's brand. (more…)
It’s not conventional to talk of the professions ecosystem, but the idea certainly helps understand what’s occurring in so many aspects of professional life.
This post makes a small contribution to exploring the disruptive stresses and digital hope that are starting to characterise the professions ecosystem of the 21st century. (more…)
A recent post by Micah Solomon in Forbes on 10 trends in client service expectations (my paraphrasing of his title) caught my eye. When I taught industrial, aka B2B, marketing at Melbourne Business School the doctrine was consumer buying behaviour and B2B buyer behaviour are quite distinct in most respects.
Beaton's research amongst 10,000s of clients of professional services firms over the last 10 years shows that perceived price is positively correlated with the value perceived by clients. Yes, that's positively correlated. In other words, the higher the price, the higher the value perceived by current buyers users of the service.
In these days of enormous price-down pressure on every firm in every profession, this finding – that perceived price is positively correlated with perceived value – warrants repeating. And explaining. And testing. And learning to use in practice. That's because it's seems at odds with everyday experience of firms. (more…)
More on the importance of cost consciousness in law firms was added to the discourse last week in George Beaton's video interview with Australasian Lawyer.
Building on Mel Anderson's great post on why cost consciousness is valued by clients, in the interview George re-states the 'incontrovertible evidence' that cost consciousness plays a greater role than price in how clients perceive the value they receive from their law firms.
Research shows clients are the canary in the coal mine for professional services firms.
Analysis by Beaton Research + Consulting over last 10 years has identified seven larger professional services firms in Australia where their clients sensed the firm was in trouble well before the firm seemed to do so.
In these cases, independent measures of client satisfaction started to fall steadily years before any effective action was taken to arrest the declining fortunes of the firm. In six it was a case of too little, too late, and the firms as we knew them are no longer with us. In the seventh, a largely new Board and outside CEO turned the tide.
“If not, be prepared for the possibility that Chicken Little was right” is Pam Woldow’s punch line in her post dated April 3, 2014 (1).
You’re spot-on Pam, I thought as I read her reflections on five observations about the trending strategies and cultures of firms with a BigLaw business model. The trends to which Pam refers are mainly internal, but there’s an external environment aspect to this story too.
This post adds a sixth, massively important external trend not previously reported in the public arena. The trend is based on hard evidence sourced from the most important stakeholder in BigLaw firms – their clients. The probability that Chicken Little is right just got a whole lot larger. (more…)