Cross-selling and Client Stickiness

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In this interview, veteran business development expert Larry Bodine discusses research that proves that cross selling is essential for successful law firm marketing. The evidence shows that a lawyer is more likely to retain a client if he:

• Has several other partners working for the client.

• The firm serving the client in multiple areas of law.

The reverse is true as well. If a client is being served by a single partner or in a single area of law, there is an increased likelihood that the client will leave the firm within two years.

Key points of the article include:

• 90 percent of your work volume and your revenue comes from the top 20 percent of your clients.

• If a lawyer is working for a client in a single service area, there's a high likelihood – a one out of three chance – that they'll leave the firm. But if you have four or five service areas, the chances that they'll leave approach zero.

• The more partners involved with a client, the lower the likelihood of attrition.

• If a partner isn't sharing a client, that creates a high risk that the client will leave the firm. However, serving a client with multiple partners and multiple types of work reduces the likelihood of attrition even further.

• The bane is that you get a client who will give you one assignment, and then that's the last you see of them. Ideally, what you want is the opposite where you have some clients that come back to you over and over again. If you sell them work in a variety of different areas, and you don't lose any business at all.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Larry Bodine, The National Trial Lawyers Association | Attorney Advertising

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