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When thinking about offing more value to your clients, there are two main questions to ask: What services should you be making available and how much investment of potential non-chargeable time should you be putting into each client?
Investing time and cash into providing added value services will inevitably reduce the overall profitability of that client relationship. When investing, you want to be smart and put your time into the firm’s key clients, such as those who currently generate the greatest billings and profits, or where there is the greatest potential to grow income.
Kevin Wheeler, business consultant and coach suggests investing ‘up to 5% of total billings in providing such services to key clients’, but he warns to ‘make sure that all members of the team record their non-chargeable time invested in each client in this way’. The outcome of this means the investment can be monitored and ROI analysis can be carried out.
There are many different services that you could choose to provide to add value to your clients. Some of the key activities we’ve identified include:
Law firms all over the globe offer legal updates and newsletters to their clients—especially in a digital age,
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Hannah is one of the Future of Law blog’s digital and technical editors. She graduated from Northumbria University with a degree in History and Politics and previously freelanced for News UK, before working as a senior news editor for LexisNexis.
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