Client Retention Strategy 101: Learn Their Business

Clients are the key to a successful law practice, but it is not just about obtaining clients— it is about retaining them. Attorneys tend to focus so much on “getting business” that they tend to not concentrate on how to retain and build that business once it is in the door.  The reason for this is because many attorneys are not “business literate.” 

Defining Business Literacy

In a recent ABA webinar entitled “Speaking the Language of Business,” panelist Matthew J. Rubins [Senior VP – Corporate Development | Six Red Marbles] noted that from a client’s standpoint, a business literate attorney knows that when the client presents a problem, the client is not just presenting a legal issue—it is handing the attorney a business matter with a legal component.  The key to retaining that client’s future business is not just handling its immediate legal issue, but understanding the world its business operates in and being able to articulate within that realm.

So, how does one learn to “speak the language” of a particular industry?

1.     Learn the Jargon. This is as simple as reading trade magazines that focus on your clients’ particular industry.  For instance, if your clients are dealing within primarily financial or accounting arenas, read the the Wall Street Journal, the New York Times Financial Section, or the Economist to learn the language used in those arenas.

2.    Conduct Passive Research.  Set up Google alerts or a workflow tool such as IFTTT to bring news and information about your clients’ industry directly to your inbox. You want to be one step ahead of your clients. Bring news to them. Whether it is good or bad, establish yourself as a trusted advisor, and become the “go to person” for them when they see headlines that affect their business.

3.    Talk to Your Client: This is the simplest, yet probably the one least utilized.  Yes, your clients hired you to solve a specific problem, but make sure you are listening closely to what they are trying to accomplish. Behind every legal issue is at a layer or two (or more!) of other issues that the client may not be articulating or even realizing exists.  Gain an understanding of what the clients are seeking to accomplish, and it will allow you to develop a greater understanding of the issues that need to be addressed in getting there. Your role as the attorney is to address their immediate legal issue, but also, to ensure that they accomplish their long term goals. For instance, if you are hired to draft a commercial real estate contract, inquire about what they plan to do with the property. Do they plan to rent the space?  If so they will need leases drafted. Do they plan to renovate? If so, they will need construction contracts. Do they plan to flip the property? If so, there will be tax implications.  You can help them with all of those needs—all while helping yourself.

These are all key starting points to becoming business literate.  Learning the language of your client’s business is the key to retaining long-term clients, increasing business with your current clients, and flourishing within a practice arena.

As a wise man once said, a bird in hand is worth two in the bush! 

Posted - 10/23/2015