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Table of contents<\/h2>\n\n- \u2018I\u2019m Done\u2019<\/a><\/li>\n
- Client Transition Strategies for Successors<\/a><\/li>\n
- Onboarding: Don\u2019t Take the Client Relationship for Granted<\/a><\/li>\n
- Client Transition Strategies Can Have Significant Yields<\/a><\/li>\n
- Related Resources on Retaining Clients<\/a><\/li>\n
- Play to Win<\/a><\/li>\n<\/ul>\n<\/div>\n
\u2018I\u2019m Done\u2019<\/h2>\n
A few years back, at the end of December, a senior lawyer at one of my client firms retired. No warning, no notice, no succession planning. He walked out the door and said, \u201cI\u2019m done.\u201d Unfortunately, attempts to retain his clients didn\u2019t go so well.<\/p>\n
Clients have a lot of options and, frankly, know a lot of lawyers.<\/strong> They serve on boards with them, live next to them, play golf with them and even get pitched by them. Other firms would love your clients\u2019 business. Relationships are important, and if other lawyers at your firm aren\u2019t on the client\u2019s radar, other contacts will be first up for consideration.<\/p>\nAs much as a client may have loved the senior partner, his main concern is, \u201cWhat\u2019s going to happen to me?\u201d<\/p>\n
There are a lot of baby boomer lawyers still in private practice, and many have plans \u2014 stated or unstated \u2014 to retire<\/a>. What happens to the clients they were servicing?<\/p>\nClient Transition Strategies for Successors<\/h2>\n
Client transition, and by extension, client retention, is most successful when 1) there is sufficient time to address it; and 2) the client relationship partner is willingly involved. If you are a lieutenant to a senior partner or working on a senior partner\u2019s client matters, what can you do to help retain the business once that partner is no longer with the firm?<\/p>\n
Here are some thoughts if you are the likely successor.<\/p>\n
\n- Address the transition early.<\/strong> Clients need time to warm up to a new quarterback. Facilitate introductions and invite clients into the transition conversation as soon as possible. Building relationships takes time so the longer you have, the better.<\/li>\n
- Visit.<\/strong> Ideally, you and the senior partner would visit the client to demonstrate the firm\u2019s commitment to the relationship and create assurances that things are under control. If the senior partner is not open to visiting but amenable to the concept, you can visit alone with the senior partner\u2019s introduction. While there, take a tour and meet with the client\u2019s leadership team.<\/li>\n
- Demonstrate expertise.<\/strong> Depending on how much interaction you have had with the client, you may need to show that you are up to the task of leading the engagement. This could be showcasing what you know about the client and its business or what you know about the law. For example, prepare summaries of cases or customize legal alerts to send the client to demonstrate your understanding of their needs (copying the senior partner).<\/li>\n
- Build an independent relationship.<\/strong> With the blessing of the retiring partner, take it upon yourself to build a relationship of your own with client representatives. This could be through social media, social events or independent conversations.<\/li>\n
- Get involved in billing.<\/strong> As soon as possible, transition the responsibility for overseeing the client\u2019s invoices. This will bring you up to speed with the work being done and show the client you are in charge.<\/li>\n<\/ul>\n
Obviously, it\u2019s important to have the retiring partner be involved and supportive for these activities to be successful.<\/p>\n
Onboarding: Don\u2019t Take the Client Relationship for Granted<\/h2>\n
Finally, once the senior partner retires, there is one more step: Onboarding. It may not be a new client to the firm but it is a new client for you. You should take the opportunity to discuss the relationship moving forward. For example, you should ask:<\/p>\n
\n- Would they like anything done differently? <\/li>\n
- How often would they appreciate a relationship review or visit? <\/li>\n
- Do they have comments about the current team? <\/li>\n<\/ul>\n
There are clients who go along with the status quo but, given the opportunity, may appreciate tweaking the relationship \u2014 a different form of communication or status reporting, for example.<\/p>\n
Client Transition Strategies Can Have Significant Yields<\/h2>\n
Client inertia works in your favor but don\u2019t take the relationship for granted. They say it costs five times more to get a new client than to keep one you have. It\u2019s expensive to acquire business \u2014 developing relationships, wining and dining, marketing, and planning social events. <\/p>\n
Whatever time or money you spend investing in client transition and retention will pay off in spades.<\/p>\n
Related Resources on Retaining Clients<\/h2>\n
Earning a Client\u2019s Trust: What It Takes<\/a><\/p>\nNew Client Onboarding: 5 Tips to Win Over New Clients<\/a><\/p>\nPlay to Win<\/h2>\n
\u2018I\u2019m Done\u2019<\/h2>\n
A few years back, at the end of December, a senior lawyer at one of my client firms retired. No warning, no notice, no succession planning. He walked out the door and said, \u201cI\u2019m done.\u201d Unfortunately, attempts to retain his clients didn\u2019t go so well.<\/p>\n
Clients have a lot of options and, frankly, know a lot of lawyers.<\/strong> They serve on boards with them, live next to them, play golf with them and even get pitched by them. Other firms would love your clients\u2019 business. Relationships are important, and if other lawyers at your firm aren\u2019t on the client\u2019s radar, other contacts will be first up for consideration.<\/p>\n As much as a client may have loved the senior partner, his main concern is, \u201cWhat\u2019s going to happen to me?\u201d<\/p>\n There are a lot of baby boomer lawyers still in private practice, and many have plans \u2014 stated or unstated \u2014 to retire<\/a>. What happens to the clients they were servicing?<\/p>\n Client transition, and by extension, client retention, is most successful when 1) there is sufficient time to address it; and 2) the client relationship partner is willingly involved. If you are a lieutenant to a senior partner or working on a senior partner\u2019s client matters, what can you do to help retain the business once that partner is no longer with the firm?<\/p>\n Here are some thoughts if you are the likely successor.<\/p>\n Obviously, it\u2019s important to have the retiring partner be involved and supportive for these activities to be successful.<\/p>\n Finally, once the senior partner retires, there is one more step: Onboarding. It may not be a new client to the firm but it is a new client for you. You should take the opportunity to discuss the relationship moving forward. For example, you should ask:<\/p>\n There are clients who go along with the status quo but, given the opportunity, may appreciate tweaking the relationship \u2014 a different form of communication or status reporting, for example.<\/p>\n Client inertia works in your favor but don\u2019t take the relationship for granted. They say it costs five times more to get a new client than to keep one you have. It\u2019s expensive to acquire business \u2014 developing relationships, wining and dining, marketing, and planning social events. <\/p>\n Whatever time or money you spend investing in client transition and retention will pay off in spades.<\/p>\n Earning a Client\u2019s Trust: What It Takes<\/a><\/p>\n New Client Onboarding: 5 Tips to Win Over New Clients<\/a><\/p>\nClient Transition Strategies for Successors<\/h2>\n
\n
Onboarding: Don\u2019t Take the Client Relationship for Granted<\/h2>\n
\n
Client Transition Strategies Can Have Significant Yields<\/h2>\n
Related Resources on Retaining Clients<\/h2>\n
Play to Win<\/h2>\n
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