58% of law firms conduct client feedback. Virtually all benefit—but 20% of these firms are able to transform this feedback into outsized benefits. Specifically, these firms perform 2.7 times better than others in revenue generation, client retention and year-over-year growth.
What’s their secret?
The client feedback becomes part of the law firm DNA. These firms embrace the feedback; partners vie to get their clients interviewed. Changes are made at the client level and, more importantly, at the firm-wide level.
Their blueprint for growth includes building client-facing metrics into every action the firm takes:
- Place client-driven metrics in the strategic plan
- Include client objectives in partner annual goals
- Formally benchmark firm performance through ongoing, systematic client feedback
- Provide tools and training—across the firm—to drive change based on client input
Most law firms use client feedback to only make changes at the client level—overlooking how institutional changes have the potential to drive more partner enthusiasm, growth and improved financial performance.