The Modern Firm, LLC

Keeping good clients is important for the financial health and viability of every firm. According to a survey performed by BTI Consulting of Boston, law firms that actively track and measure client retention see 12% higher profits per attorney. Client retention rates are key indicators of client satisfaction. And we all know that a happy client doesn’t leave their law firm.

However, most law firms are still not monitoring their client retention rate. If you do nothing else in marketing this year, I strongly suggest you start your marketing program here. (more…)

One of the most commonly asked questions regarding our Law Firm Merchant Account service pertains to the rules surrounding trust accounts. The rules and requirements vary state by state, so you should check with your local bar to determine which of the following scenarios will work for you.

Scenario 1:

Tie the trust account directly to the merchant account and have discount fees withdrawn in a separate transaction.

With this configuration the entire deposit will be placed into the trust account. A separate transaction will withdraw the discount/processing fee from the trust account. Often the merchant can configure the (more…)

There is a common misconception in a large segment of the legal profession that marketing equates to advertising and spending a lot of money. That couldn’t be more wrong. Marketing in law firms is all about sweating the details. The details cost you a little extra time and attention, but can deliver big dividends to your firm down the road. It is the best way to differentiate your firm from others.

Most important for every law firm are your relationships with clients. It’s the trust your clients develop in you, your knowledge of their business and industry, your responsiveness, anticipation of client needs, and, of course, the results you deliver. (more…)

Without a doubt, clients can be your best source of referrals. Yet in my 18 years of marketing work with lawyers, I have met few who actually ask clients for referrals.

Some may believe that their clients will automatically refer business to them if the opportunity should arise and therefore, there is no need for the lawyer to ask. Others may be reluctant to ask a client for fear that the client would say no because they may not have been completely satisfied with some aspect of the lawyer’s handling of their case.

If you want to increase your business, get in the habit of asking your clients for referrals. (more…)

Lawyers tend to forget that law is a service industry. Clients have a myriad of choices for their legal representation. By focusing on client service, lawyers can better retain current clients, gain more referrals, and minimize the risk of ethics complaints.

By Roy S. Ginsburg

If you ask attorneys whether their clients are satisfied, most would, of course, say yes. If you then ask them “What makes you so sure?” the responses would typically range from “They don’t complain” to “They’re nice to me” to “They pay their bills” to “They continue to do business with us.” But statistics indicate otherwise. Such client behavior hardly translates into satisfaction:

• In 2005, a national consulting firm polled Fortune 1000 clients to determine client satisfaction. Only 30 percent of clients said they would recommend their primary law firm.1

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