What does the law firm of the future look like? Part 2: Attracting & Retaining Business

Law firms need to understand their client’s business, according to the legal service buyers we spoke with; it’s the key to both attracting and retaining their business as clients. It isn’t enough to simply offer good technical service. Advice needs to be tailored to suit them and delivered in a commercially-minded manner. The legal relationship, ultimately, needs to encompass far more than simple advisory work.

If firms understand the business, they will engender their client’s trust and they can offer a service that is far more nimble and forward-looking. Productivity and proactivity of legal advice – looking ahead to see what might impact the business and recommending plans of action, rather than waiting for instruction – is “worth its weight in gold”, says Dean Nash, Head of Legal and Compliance at Monzo Bank.

The rest of the series will become available on our Future of Law blog, and on our YouTube channel:

• Part 1: Traps and opportunities 
• Part 3: Technology
• Part 4: Types of service
• Part 5: Loyalty and collaboration