Jul 25, 2024   SOURCE: PR NewsWire

Professional Services Providers are Realizing the Road to Sustainable Profits Runs Through Better-Managed Client Relationships

Innovators, particularly in Law, have come to see that optimal client relationship management is key to differentiation and enhanced revenue cycle management

NEW YORK, July 25, 2024 /PRNewswire-PRWeb/ -- A new report from Law.com Compass Pacesetter Research (previously known as ALM Intelligence Pacesetter Research) has found that professional services firms are waking up to the crucial importance of focused and actively-managed client relationships as they struggle in difficult markets to grow revenues. By assuming greater control over their client engagement strategy, Innovators have been learning how to turn it into a core part of their value proposition. There are many iterations of this journey with some beginning with pricing, others marketing & sales, some started with brand management, others with technology services (e.g., e-billing, or CLM), but all lead towards closer collaborative relationships with clients.

"The interesting thing is that while most firms began with self-serving goals - cost reduction, payment cycle shortening, upselling, etc. - 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.

Key trends identified in this research include:

    --  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 Peter Drucker
        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.

Law.com Compass Pacesetter Research provides independent, objective research to providers and buyers of professional services and practical insights that inform decision-making processes.

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. Please visit alm.com for more information, and visit http://www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.

Media Contact

Eliza Sawyer, ALM, 2124577919, esawyer@alm.com, www.alm.com

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SOURCE ALM