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The promise of new client relationships is driving the vast majority of lateral partner movement today. In fact, lateral acquisition has become the primary growth strategy for many law firms. Both the new firm and the lateral are often surprised by how few clients actually move to the new firm. A study I did in 2016 with ALM found that 30% of the law firms interviewed brought less than 50% of the clients they had projected to come with the lateral. Keep in mind that law firms often discount the book of business by as much as 50% to begin with. I doubt the results are much better today.
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Experience Is Everything: Why Focusing On Client Experience is Critical and How to Get Started
By Kristen Dallman
In this marketplace, one thing is abundantly clear: To remain competitive, you must adapt. So how can you adapt in a way that meets the increased expectations of today’s client? Focus on client experience.
20 Business Lessons from 20 Years to Apply Today
By Gina Rubel
Lessons learned from years of listening, emulating, taking risks, and learning from failures and successes alike.
Brands In the Metaverse: What You Need to Know
By Brandon Leahy and Chloe Delehanty
While it is still unknown how the metaverse will take shape, lawyers advising brands should familiarize themselves with the opportunities it presents, the risks involved, and strategies to consider for enhancing and protecting a client’s brand.
The Impact of Trust On Cooperation
By Mike Whelan
a tendency to trust optimizes outcomes on average — but you have to think in individual transactions. Are lawyers too distrusting to make good decisions in those instances? This article explores the concept of trust, the impact of trust on cooperation, and whether lawyers have trust issues and what that means for them and for their clients.
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