Research Findings
Martindale-Hubbell® regularly undertakes research initiatives to identify, define and explore emerging issues within the legal profession - in particular, those areas of common ground between in-house counsel and law firms. Please find the resulting research below.
Client Attrition Analytics: Firms Can Control Whether Clients Stay or Go
While the managers of professional services firms often view market pressures as the driving force that determines whether clients remain loyal or choose to shop elsewhere for added services, a study by the Redwood Think Tank indicates that firms have tremendous sway over which clients become long-term business partners.
Cracking the Acorn Theory: Do Small Clients Grow to be Big Clients
If your firm's growth strategy depends at all on growing small clients into larger, more profitable clients, think hard about the likelihood that this will happen. Competitive intelligence can help identify which clients have the best chance of becoming major clients, as well as improve the likelihood that such clients will be retained in the crucial, early years of the client relationship.
Power Up Your Firm's Diversity Strategy: Employ BI to Fill the Information Gaps
Many law firms have diversity committees, and many have hired diversity directors. Unfortunately, few firms have armed these efforts with the information necessary to ensure the success of their diversity strategies. As law firms grow, the use of firmwide profitability tools has become a business necessity. But understanding the urgency to adopt or update a profitability model doesn't guarantee its successful implementation.
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