Professional Services Providers are Realizing the Road to Sustainable Profits Runs Through Better-Managed Client Relationships
Summary
"True Pacesetters all realized that meeting client needs such as data management, greater predictability in billing, and linking solutions to other client business needs proved mutually-beneficial and led to greater trust," said Tomek Jankowski, Director of Law.com Compass Pacesetter Research Post this • New, advanced technologies are reshaping value chains, increasing efficiencies but also accelerating commoditization across industry verticals, compelling companies to seek differentiation through closer management of their client experience – just as anticipated in the 1990s • On the lower end of the scale, the focus tends to be on cost reduction and precision marketing through customer/client segmentation, but on the higher end of the scale companies are seeking to partner with clients to build longer-term, more mutually beneficial relationships • B2C companies paved the way initially with CRM and customer experience (CX) management but in 2024 clients are demanding more of their B2B vendor relationships • For law firms, pricing teams and AFAs are the low-hanging fruit but Innovators are using data sharing, technology support, integrated revenue cycle management services, team and timekeeper transparency, and more systematic communications to more effectively manage their relationship with legal departments In this report, Law.com Compass Pacesetter Research evaluates how Innovators manage their own client relationships while helping clients develop their client strategies, and how they use the lessons learned from the former to inform the latter. The Innovators profiled in this research include Accenture, Bain & Company, Ballard Spahr, Boston Consulting Group, Deloitte, EY, Horváth & Partners, Husch Blackwell, Kearney, KPMG, Locke Lord, McGuireWoods, McKinsey & Company, North Highland, Oliver Wyman, Prince Lobel Tye, Protiviti, PwC, Reed Smith, Roland Berger, and Seyfarth Shaw. To learn more about the research or to obtain the full version of the Client Engagement 2024 report, go to: http://www.law.com/lawcom-compass/pacesetter-research. About ALM ALM is the most trusted media, information, and intelligence company supporting the practice of and business of professionals in the legal, insurance, commercial real estate, and financial services industries. ALM delivers leading data, intelligence, insights, events, and audiences essential for growing businesses globally to over 7 million professionals.