Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Client Maximization: Doing Well by Doing the Right Things

By Linda Hazelton
April 01, 2020

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.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office Image

A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Bit Parts Image

Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights

Risks of “Baseball Arbitration” in Resolving Real Estate Disputes Image

“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.

Disconnect Between In-House and Outside Counsel Image

'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.