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BTI demystifies the secrets of using client service feedback to your advantage and delivers a commanding look at how best-in-class firms perform 2.7 times better than other firms in revenue generation, client retention and year-over-year growth. This high-powered webinar details exactly what best-performing firms do to get it right in the eyes of clients. Don't miss your chance to capitalize on one of the few, proven tools to grow business in a stagnant market. Learn how firms putting client feedback to work are raising their client service, gaining market share and leaving everyone else behind.
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Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“I appreciate the partnership. We enjoy the relationship.
We’d want to do more work with them.” President; Middle-market Software Company
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
The Partner Said… “We’ve tapped out this client.
We’re getting all the work we possibly can. There’s only so much work available.”
The Client Said… “I’d like to use them more, I just don’t know
what their other capabilities are. I only know the people I work with.”
Senior Vice President; Global Pharma Powerhouse
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“They provide us with good results, but I question whether they think
holistically about my issues, not just in the legal sense.
They need to look at brand impact, government relations, consumer
issues—to name a few.” General Counsel;
Fortune 500 Consumer Goods Company
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
The Client Said… “Next year our goal is to cut litigation
spending by 15%.” Head of Litigation; Leading Chemicals Manufacturer
The Partner Said… “Litigation is our sweet spot with this client.
There’s always plenty of work.”
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“As I listen to myself, I can’t believe I did not include them in my RFP
for my global panel. I am going to send them the RFP
as soon as I am done talking to you.” Chief Legal Officer; Leading High-tech Organization
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“They have really slipped— their work takes forever,
they are always behind the ball.” Regional Director; Fortune 1000 Financial Services Company
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
The Client Said… “I consider them an 8.5 out of 10 in
understanding my business... The other firm we use is 9.5.”
General Counsel; Multinational Auto Parts Manufacturer
The Partner Said… “This is one of our best relationships.
I would be stunned if you heard anything but great things about us.”
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“They think more about their playbook
than our objectives. They need to take a step
back and ask, "What's the best way to
solve this in a practical manner?”
Senior Vice President; National Healthcare Provider
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“We didn’t hire them for our last major litigation
because they never offered us an AFA.
My company is going to be using 100% AFAs
by 2015.” Associate General Counsel;
International Manufacturing Giant
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
The Client Said… “They understand my business and are
completely in tune with our needs. They’ve set the bar high.”
Chief Financial Officer; Megabrand Retailer
The Partner Said… “We have a great relationship
with this client.”
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
My Client Said…What? Quotes from the BTI Client Files
“We will not use them for our work again.”
Global General Counsel; Global 500 Energy Company
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Satisfaction Maintains the Status Quo
CLIENT SATISFACTION IS THE ENEMY OF SUPERIOR CLIENT SERVICE
TM
Satisfaction (săt′ĭs-făk′shən) Etymology: from Latin satisfacere – to do enough
It’s enough to get you by and keep you in the game. Usually, it’s enough to avoid getting replaced…
at least until someone better comes along.
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
POSITIONING
Think Big: Measure More than Satisfaction
CLIENT STRENGTH AND VULNERABILITY
COMPETITIVE BENCHMARKS
OPPORTUNITY ASSESSMENTS
WALLET SHARE ANALYSIS
HIRING PATTERNS
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Strategic Weaponry: Arming Yourself with Relevant Data
DATA TO DRIVE PERFORMANCE
Number of law firms used Premium rate opportunities Major goals and objectives
Role of each law firm – including yours
Comparative benchmarks to other firms
Competitor insight – by name and behaviors
Current and future priorities Client expectations Institutional strengths
Client service performance scores What drives clients crazy Spending with law firms
Client wallet share Points of value Firm-wide weaknesses
Cross-selling potential Obstacles to growth Untapped opportunities
Relationship diagnosis Hiring triggers True differentiators
Overall performance ranking Advice to improve 17 activities score compared
to other firms your clients use
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Client Feedback Superior Client Service Financial Benefits
Higher Profits Rate Premiums Across All Staff Levels
Fees From a Single Client
Higher Client Retention
2x
Higher Growth 0%
25%
50%
33.0%
19.5%
50.0%
33.1% 35.6%
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Clientopia on the Rise: Law Firms Upping Their Client Service Game
40.1% of clients recommend their leading primary firm first
Clientopia The Ideal State of the Client Relationship
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
BTI National Average 40.1%
70.0%
50.0%
35.6%32.1%
24.2%
0%
50%
100%
Firm A Firm B Firm C Firm D Firm E
Where Does Your Firm Fall on the Spectrum?
Firm-specific Clientopia Rates Percent of Clients Who Recommend Their Leading Primary Law Firm First
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Clients See as
Abundant in the Market
Clients See as
Scarce in the Market
Ability to Differentiate
17 Activities Drive Superior Client Relationships 4 Drive Superior Service Score
Importance
High
Low
Less Important Very Important
Commitment to Help
Quality Products
Deals with Unexpected Changes
Handles Problems
Client Focus
Keeps Clients Informed
Meets Core Scope
Provides Value for the Dollar
Unprompted Communication
Helps Advise on Business Issues
Regional Reputation
Brings Together National Resources
Innovative Approach
Breadth of Services
Anticipates the Client’s Needs
Legal Skills
Understands the Client’s Business
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Top 4 Activities Proven to Drive Clientopia
0.67
0.48
0.640.63
-1.0
-0.5
0.0
0.5
1.0
Provides Value
for the Dollar
Clientopia Correlation Coefficient
Commitment to Help Client Focus Understanding the
Client’s Business
Perfect Positive
Correlation
Perfect Negative
Correlation
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
18.2
33.2
25.6
13.1
19.4
24.523.824.1
0
25
50
75
Client Focus Commitment to Help Understands the Client's
Business
Value for the Dollar
Firm-Wide Metrics Proven to Incite Partner Enthusiasm
Activities to Drive Superior Financial Rewards BTI Client Service Score
High
Firm Z Average
Competitor X Average
Low
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
STAGE 1: NON-BELIEVERS
• Opt-out of gaining client insight
The 4 Stages of Embracing Client Feedback
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
STAGE 1: NON-BELIEVERS
• Opt-out of gaining client insight
The 4 Stages of Embracing Client Feedback
STAGE 2: TEST PILOTS
• Find closet supporters • Celebrate insight • Support zealots • Embrace the curious • Highlight change and success
• Phased approach as partners gain interest
• Present results to executive committee
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
STAGE 1: NON-BELIEVERS
• Opt-out of gaining client insight
The 4 Stages of Embracing Client Feedback
STAGE 2: TEST PILOTS
• Find closet supporters • Celebrate insight • Support zealots • Embrace the curious • Highlight change and success
• Phased approach as partners gain interest
• Present results to executive committee
STAGE 3: STRATEGISTS
• Build the business case › Financial metrics › Warning signs › Firm-specific data
• Included in business development plans
• Use the 80/20 rule for revenue coverage
• Present results to partnership • Develop robust follow-up plan
› Improvement › Opportunity › Client-specific changes
• Train partners in: › Areas to improve firm-wide › Leveraging client feedback
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
STAGE 1: NON-BELIEVERS
• Opt-out of gaining client insight
The 4 Stages of Embracing Client Feedback
STAGE 2: TEST PILOTS
• Find closet supporters • Celebrate insight • Support zealots • Embrace the curious • Highlight change and success
• Phased approach as partners gain interest
• Present results to executive committee
STAGE 3: STRATEGISTS
• Build the business case › Financial metrics › Warning signs › Firm-specific data
• Included in business development plans
• Use the 80/20 rule for revenue coverage
• Present results to partnership • Develop robust follow-up plan
› Improvement › Opportunity › Client-specific changes
• Train partners in: › Areas to improve firm-wide › Leveraging client feedback
STAGE 4: LEADERS
• Built into: › Strategic plan › Partner goals
• Follow-up incorporated in partner goals
• Ongoing outreach every 12-24 months › Benchmark firm-wide
performance
• Present results to all staff levels
• Improvement goals: › Firm-wide › By client
• Provide coaching and support: › Firm-wide best practices › Client-specific
• Basis for leadership interviews and visits
• Develop – and monitor – client service standards
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Pick the Approach to Best Meet Your Needs
APPROACH COST PROS CONS BEST FOR
In-person $$$$ • In-depth insights (quantitative and qualitative)
• Ability to probe and adjust • High personal touch
• Difficult to reach scale • Strong interviewing skills required • Unless using a 3rd party, responses
are skewed positive • Difficult to obtain firm-wide insight
Relationship development, at-risk triage
Telephone $$ • Most objective responses • In-depth insights (quantitative and
qualitative) • Ability to probe and adjust • High personal touch • Broad reach • Firm-wide and client-specific insights
• Strong interviewing skills required
Assessing performance,
identifying opportunity
Online $ • Broad reach • Lends itself to quantitative analysis • Ability to adjust
• Response bias (best and worst) • Lacks personal connection • Limited length • Lacks qualitative insights • Unable to probe
End-of-matter assessments
Mail $$ • Broad reach • Lends itself to quantitative analysis
• Lowest response rates • Response bias (best and worst) • Lacks personal connection • Limited length • Lacks qualitative insights • Unable to probe or adjust
?
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
If You Only Had 7 Questions…
1. What is the single biggest change you are making to how you manage your legal matters?
2. Which law firms do you consider to be your primary providers? (Order of response matters)
3. What is the most innovative thing you’ve seen a law firm do in the past 12 months?
a. Could you share with me which firm this was?
4. Which law firms do you recommend to your peers? (Order of response matters)
5. On a scale of 1 to 10, with 10 being the absolute best, how do you rate our firm in the following activities:
a. Commitment to help
b. Understanding your business
c. Providing value for the dollar
d. Client focus
6. Now I’d like you to rate another one of your primary firms on these same activities.
7. What do we do that just drives you crazy?
©2014 The BTI Consulting Group, Inc. All rights reserved. For internal use only
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
How BTI Clients Embrace Client Feedback
High-impact Strategies
Largest clients are a market of one
› In-depth research at a single client organization
Firm-wide consistency drives brand
› Client service standards and training – at all staff levels
SWAT teams repair and grow relationships
› Client-specific action plans
Performance benchmarking creates market leaders
› Assess metrics and client needs every 12-24 months
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
BTI’s Client Feedback Approach
Project Kick-off
• Review and refine goals • Craft custom instrument • Provide:
› Introductory letters − Clients − Partners − FAQs for partners
• Project timeline › Deliverables › Key milestones
Client Outreach
• Weekly project updates • Client interview
transcripts • Preliminary results
› By week 3 • Immediate notification:
› Opportunities › At-risk relationships
• Thank you notes sent day of interview
Results and Follow-up
• Firm-wide benchmarking • Client-specific insights • Recommendations • Implementation plans • Present firm-wide results
› Executive committee › Partnership › Attorneys and staff
• Ongoing coaching
Compelling Research. Compelling Results. ©2014 The BTI Consulting Group Wellesley, MA 02481 Tel: +1 617 439 0333 www.bticonsulting.com Questions? Call Michael B. Rynowecer, President, The BTI Consulting Group For Internal Use Only
Developing World-Class Client Feedback Initiatives
TODAY’S PRESENTATION
A recording of today’s webinar will be available
on BTI’s website.
www.bticonsulting.com
A copy of the slides will be emailed to you by
tomorrow morning.
CONTACT
Michael B. Rynowecer President
508.651.5048 [email protected]
Jennifer Petrone Dezso Principal
512.243.8037 [email protected]
FOLLOW
@BTIConsulting @TheMadClientist
www.themadclientist.com