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Client Retention: Grabbing the Low-Hanging Fruit
Imagine yourself craving a delicious orange. The fastest, easiest way to get fresh, ripe oranges isn't by planting new seeds and hoping they grow. It's by tending to the existing, fruit-bearing trees. Similarly, in legal practice, your existing clients are your most abundant source of potential revenue. This article explores the importance of client retention, strategies to nurture client relationships, and how to leverage those relationships for business development.
Why Client Retention Is Your Most Effective Business Growth Strategy
Various sources say that it can cost 10 to 30 times more time and effort to acquire new clients than to retain existing clients. On the other hand, spending that time instead on making sure that you keep your existing clients happy — tending your existing orange trees — can reap substantial benefits and generate significantly more revenue. In fact, research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) demonstrated that increasing client retention rates by just 5% can yield profit increases of 25% to 95%.
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Bankruptcy Sales: Finding a Diamond In the Rough
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.