The biggest disconnect between the law firms and their clients was the expectation that law firms would come up with solutions to business problems. Law firms instead see their role as simply providing advice and put the onus on clients to utilise this advice to find the solutions. In addition, some 40 per cent of clients noted that senior partners of their law firms ‘appeared to lack more than a basic knowledge of their businesses.
Remain competitive
Law firms must acquire and maintain ‘internal visibility’ of all work done for a specific client, with key account representatives appointed for better integration, spend more time building relationships between law firm teams and client teams, and become more pro-active in spotting opportunities for clients to help their businesses in order to address the disconnect and remain in business, advised the report by information provider LexisNexis.
Crucial time
LexisNexis explained that this was a crucial time for law firms to ensure they understood their clients, with new market entrants – often with new pricing and business models – looking to disrupt the legal sector. It added: ‘This requires moving beyond pragmatic engagements with the client and providing a sense of partnership where the client feels valued and protected.’
Service quality
The report also revealed differences in expectations of service quality. While lawyers strive to provide the best advice they can, many clients want advice that is ‘good enough’. Many law firms are not convinced this standard is sufficient, but clients expect what the report termed ‘Rolls-Royce service at bargain-basement prices’.
Poor visibility on work and costs
Clients also reported ‘poor visibility’ from law firms on the work being undertaken, costs and timeliness. While this was an area where law firms acknowledged they could improve researchers found efforts to invest in project management and improved processes often come up short. The research was based on interviews with partners and/or heads of support services from law firms, general counsel and heads of business lines at clients.
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