Building Effective Client Teams: How Does the Big Four Do It? Follow on #lsso #raindance

Transcription

1 Building Effective Client Teams: How Does the Big Four Do It?

2 Session Goal: To share useful and practical approaches that can help you make a difference when managing your most valuable clients. Plan Execute Achieve

3 LSSO s 2015 RainDance Conference The way we do business has changed... INDUSTRIAL ERA INFORMATION ERA CLIENT Supply side Demand side YOUR FIRM YOUR FIRM Supply side market Repetitive productivity Profit is a major selling driver Limited competition Creation CLIENT Demand side market Collaborative and creative productivity Aggregated value is a major buying driver Unlimited competition Innovation Follow on #lsso #raindance

4 Why set up a high performance client service team?

5 What does it take to build effective client teams?

6 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

7 Assess your client portfolio; understand your client buying profiles; business strategies and key initiatives: Ø Segment your book of business (manage by facts and not by instinct) Ø Identify your client buying profiles/roles Ø Speak business with your clients

8 Segment your clients Ø Clients are NOT created equal => understand your client portfolio and carefully select those who are aligned to your organization s strategy and will make a major contribution to its achievement. Ø If you hesitate in choosing appropriately, you ll end up with a disconnected portfolio, including a mix of big brand names, old friends and difficult/over-demanding clients, who will not take your firm close to the envisioned future. If you want to help your organization to achieve its strategies, you must select the right clients and devise a plan to work with them

9 Practical criteria for segmenting key clients: Ø Firm s relationship strength with clients Ø Revenue streams Ø Costs in servicing the client (we tend to overlook this) Ø Powerful brands Ø Growth potential Ø Payment punctuality Ø Financial stability Ø Market reputation Ø Other reasons your organization may have... Firm Leadership should lead this client landscape exercise with all practice area Leaders.

10 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

11 Set up a joint account planning team meeting with your client to: Ø Get closer to his/her team Ø Gain a better appreciation for the clients' strategy, main initiatives and challenges Ø Develop a deeper understanding of how your organizations services aligns to the client s business drivers Ø Create solutions across various practice areas Ø Understand the process of buying legal services Ø Give an opportunity to the group to think as one team (as opposed to individual silos) serving the client from its own perspective Ø Show the client your organization s commitment to his success Ø Develop a well coordinated plan for your team to work in a multidisciplinary manner

12 Create well coordinated account plans Ø Once you ve collected relevant information during the client team meeting you are in a much better position to plan for the next days Ø Match your firm s services to top client challenges to create solutions and give appropriate insights that generate real value Ø Go back to the client and validate the identified opportunities If you want to help your organization to achieve its strategies, you must select the right clients and devise an actionable plan to work with them.

13 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

14 Select unique teams: make sure you understand your clients' preferences Ø Be sensitive to cultural differences, specially when dealing with global clients Ø Whenever possible, select a team that fits into client s expectations (industry knowledge; proximity to office; languages skills, communication, etc.) Ø Nominate a Partner or Senior Associate to be the sole point of contact to the client during the job Ø Demonstrate team s efficient use of technology and Legal Project Management skills To find out what your client values: ask questions prior to starting the job and create a team protocol

15 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

16 Execute the change you want to see: build high impact relationships Ø Assess your client relationship level Ø Develop a relationship map and set up a plan to overcome relationship shortfalls Ø Create and observe your annual client relationship calendar Ø Map out key information on prior to client meetings

17 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

18 Map out key information prior to meeting with your client Client meeting prep work 1) Identify top industry trends and top challenges 2) Identify top CEO initiatives 3) Identify top CFO initiatives 4) Identify top OGC initiatives 5) Map out Board members 6) Map out recent acquisitions or future devistitures 7) Identify relevant risk,compliance or litigation events over the past months 8) Understand major corporate initiatives for the next 1-3 years (cost reduction, outsourcing, capital expenditures, etc, 9) Map out your organization work history with the client over past 24 months 10) Get intelligence on client competitors as well as your work with them, if any.

19 Get ready in advance for major pursuits Ø Engage the right team Ø Meet with the client/prospect to align expectations (never assume) Ø Understand where the competition is (strengths and weaknesses) Ø Set your organization apart (identify key differentiators) Ø Demonstrate your experience in the client s business sector Ø Write a powerful proposal document Ø Present it in a creative manner

20 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

21 Measures that matter: achieve the results you ve planned for Ø Relationship measures: quality and frequency of client interactions Ø Financial measures: pipeline reports; client revenue and costs Ø Activity measures: execution against your plan Ø Client service measures: account team update meetings Ø Pursuit management: wins/losses (lessons learned) Ø Knowledge sharing with other teams Ø Client service team commitment

22 The right attitude, which implies the following actions: 1. Assess your current client portfolio (segment) 2. Plan for impacting the future situation (invite the client to the table) 3. Select the appropriate cross-functional teams (match client expectations) 4. Execute the change you want to see (manage for success) 5. Prepare for client meetings and major pursuits 6. Measure for improvement and continuity (if you don t measure...you don t manage) 7. Listen carefully to your client (get feedbacks) Attitude determines HOW WELL you do it!

23 Listen carefully to your clients: get continuous feedbacks...and learn about main attributes for providing a superb service experience to your clients, according to THEIR own perspective, not yours. Ø Ø Ø Ø If your organization currently doesn t have a formal client feedback program, is about time to implement one After doing your work, you should identify what went well and what could have been done differently Once you ve identified points of improvement, document them, share with your team and, if still possible, fix the specific issue that could have been done better Your client will really appreciate your commitment to a high quality service

24 What does it take to build effective client teams? 1) Leadership commitment 2) A clear understanding of your key clients 3) An actionable plan 4) A team that walks the talk 5) The right attitude! Keep this in mind and you ll be able to Plan, Execute and Achieve your success! Attitude determines HOW WELL you do it!

25 THANK YOU! Q&A