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Client Maximization: Doing Well by Doing the Right Things
Making the most of your firm's client base need not be a costly undertaking. There are several steps a firm of any size can undertake to improve client experiences, ultimately, while also increasing the firm's chances of thriving. Here's what you can do.
Identify your best clients. Whether you define "best" by revenue, by intellectual challenge, by rapport, by target market, or other criteria, flag the clients you'd most like to keep and grow. While the Pareto Principle (also known as the 80/20 rule) would predict that 80% of your revenues come from the top 20% of your clients, at least one analysis showed that 13% of the firm's client base produced 87% of its revenues. If time is limited, and it always is, it makes sense to focus on the clients at the top. In most law firms, giant oaks do not from little acorns grow. Of course, you can and should identify future star clients and include them in the "best" category. Common sense should prevail.
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