How to increase client survey response rates according to MyCustomerLens

I’m often asked what we do to help increase survey response rates. The answer is that we help firms do three things differently. This post covers the what, why and when of increasing client response rates. But these three tactics only work if you accept a simple truth. Your client experience surveys are part of your client’s experience!

Integrity matters: exploring transparency in modern legal practice with Advanced

Integrity is important to law firms, and clients are often sceptical to trust firms as well. As such, the importance of transparency in legal proceedings and client relationships is vital with financial dealings of law firms the most critical area for scrutiny. In this article, we delve into the significance of transparency in finances within law firms, and explore methods for enhancing transparency, and weigh the benefits against the potential drawbacks of not adhering to these principles.

Transparency serves as a cornerstone of trust in any professional relationship, and this holds particularly true in the legal industry. As clients place their legal matters and financial resources in the hands of law firms, they expect a high level of clarity and openness in all financial transactions. However, the legal industry has historically been criticised for its opacity in billing practices, making it difficult for clients to understand the value they receive for the fees they pay.

This is despite steps firms take to outline their position. Engagement letters will outline costs to clients, but potentially only hourly rates and projections, with a guide estimate potentially the only thing that clients can go to set their expectations. Something that can come crashing down if the matter is complex.

Law firms can take proactive steps to enhance transparency in their financial dealings and client interactions, ultimately bolstering trust and integrity. Regular updates on fees and expenses should be communicated to clients as well. By providing itemised invoices that clearly outline the services rendered, time spent, and expenses incurred, you are empowering your clients to understand the value of the legal services they receive and minimises the chances of surprises.

Embracing technology can streamline communication and transparency. Client portals can offer real-time access to case updates, billable hours, and expenses. Regular communication through emails, phone calls, or virtual meetings keeps clients informed about the progress of their cases.

While hourly billing remains common, law firms can explore alternative fee arrangements such as flat fees, contingent fees, or hybrid models. These arrangements can increase transparency by aligning the firm’s interests with the client’s goals.

The importance of transparency

Transparent billing practices foster trust and client satisfaction. When clients understand what they’re paying for, they are more likely to appreciate the value of the services rendered. Detailed invoices and open communication minimise the potential for billing disputes, leading to a smoother attorney-client relationship and improved overall experience.

Law firms that prioritise transparency can distinguish themselves in the market. Clients are more likely to choose firms that offer clear, transparent billing practices over those that don’t.

Conversely, a lack of transparency in billing processes can have several negative repercussions. Clients who feel deceived or surprised by unexpected charges are likely to lose trust in the law firm, leading to dissatisfaction and potentially creating brand detractors. In today’s digital age, a single dissatisfied client can share their negative experience online that is seen by anyone searching for more information on your firm, tarnishing the law firm’s reputation and potentially affecting future client acquisition.

Operating with non-transparent billing practices may also raise ethical concerns, damaging the law firm’s professional credibility. The loss of client trust can lead to delays with payments, disputes raised, and invoice actualisation reduced. Ultimately, a lack of transparency could lead to less customers and less revenue.

Transparency in financial matters is a vital component of modern legal practice that underscores integrity, trust, and ethical conduct. Law firms that embrace transparent billing practices and open communication stand to gain not only in terms of client relationships but also in terms of their reputation and competitiveness.

Interest rates are through the roof – but where in the UK are homeowners being squeezed the most? Find out with Access Legal

Soaring mortgage costs mean that homeowners in Oxford could be paying as much as 85% of their household income on monthly repayments.

Rates surge as law firm market rebounded in Q1: Thomson Reuters Law Firm Financial Index

A new report from Thomson Reuters, a global content and technology company, highlights that the law firm market rebounded in the first quarter due to improved demand and the highest rate growth in more than a decade.

Intapp: Pitch and RFP analysis for law firms – Leveraging proposal analytics to increase content relevance and win rates

Prior to automated pitch and RFP analysis, legal marketing and BD teams often spent weeks drafting and organizing the necessary documents to deliver to client representatives in person.

Access Legal partners with Legl to streamline payments for law firms

Law technology specialist Access Legal and payments provider Legl have partnered to boost collection rates and provide a unified client experience. The partnership will connect Legl’s payment solutions with Access Legal’s case and practice management systems.

Thomson Reuters: law firm financial index report reveals challenges ahead for firms to meet 2021 successes

Continued growth in demand and rates were no match for surging expenses in the first quarter of 2022. The growing competition for talent and a rebound in overhead expenses after last year’s steep cuts took a toll on law firm profitability, according to the Thomson Reuters Law Firm Financial Index (LFFI) powered by Peer Monitor/Financial Insights.

Intapp: Optimising time capture and realisation rates

This ebook explores how law firms struggle to make time entry accurate, contemporaneous, and compliant with client billing terms or outside counsel guidelines (OCGs).

Thomson Reuters: Strong recovery continues in law firm market, but talent wars are taking a toll

Growth in demand, rates and productivity continue to fuel the recovery in the large law firm market, but the intensifying war for talent is becoming a growing drag on law firm performance, according to the Thomson Reuters Peer Monitor Economic Index (PMI)[1] for the third quarter of 2021.

Payescape: Prime Minister announces National Insurance increase

As we celebrated National Payroll Week 2021, the Prime Minister announced an increase to National Insurance rates in 2022/23 for one tax year as part of the ‘Build Back Better: Our Plan for Health and Social Care’.