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Developing Client Loyalty Brings Both Firm Growth and Client Value

By Edward M. Schechter
December 22, 2010

Today and in the future, a successful law firm's culture must include investment in the business-development sales engine. While classical marketing investments (e.g., client social activities, PR, Web, RFPs) continue to be needed, they are no longer enough. Pressure from clients for competitive rates, costs and efficiency are making firms adopt a more businesslike approach to their assets, revenue, processes and return on investment. This increased focus on a firm's ROI brings greater BD clarity. Together, these forces create an opportunity for a firm to develop its client “value vision” ' enabling marketing and BD professionals to evolve into a new role in the firm's quest to develop client loyalty.

Tailoring BD Efforts

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