Have you ever wished you could get inside your clients’ heads and find out exactly what they’re thinking? What are their likes and dislikes, what irks them and what do they need more than ever? Our June program, which featured a panel of leading in house counsels, allowed us to do just that; we received insight and advice on how to improve client service efforts and develop a better working relationship.
Tim Webster, Sidley Austin partner and incoming DC Bar president, moderated the panel featuring Jonathan Haddon, General Counsel at Darby Overseas Investments, Ltd.; Ama Romaine, Vice President & Senior Counsel at Hilton Worldwide; George Springsteen, Chief Legal Officer at IFC Asset Management Company, LLC.; and Raquel Tamez, Senior Vice President, Legal, at SourceAmerica.
What are the principal factors in determining value?
- Understanding the Business: Clients need outside counsel to take a genuine interest in their organization and understand the internal structure, goals and limitations of the company. Know the metrics on which in-house counsel are measured and what needs to be done in order to help them do their job more effectively. What keeps them up at night? What are their pain points? In order for there to be a trusting relationship, clients want there to be a shared risk and reward, where outside counsel are invested in their success and the success of their organization.
- Strong Relationships: When asked if they hire the lawyer or if they hire the firm, panel speakers unanimously answered, “the lawyer.” When it comes to hiring, the firms that win the business are those with lawyers who have already developed a relationship with the company. Consequently, when firing, they fire the firm along with the lawyer. One or two lawyers can lose the business and tarnish the reputation of a firm. Relationship building should extend past the in-house counsel to their staff, including paralegals, and others in the company. Intimate events, rather than large conferences, are helpful in creating meaningful connections and strengthening the relationship. Every interaction doesn’t need to be on the clock.
- Effective Communication: As marketers, we know communication is key. Same goes for lawyers: effective communication and responsiveness are highly desired. This means providing a memo using sophisticated legal lingo may not be as useful as one that can be shared with, and comprehended by, the non-lawyer business drivers of the company. That could mean providing two memos: one for the in-house counsel, and one for the business leaders to which they report. Clear, concise subject lines in emails will make it more likely that an email is read. Lengthy newsletters are less engaging and relevant than blogs or client alerts.
- Value-Based Billing: Gone are the days of alternative fee arrangements. In-house counsel are looking for a new buzz word in their billing proposals: value-based billing, where the amount they pay directly coincides with the value they receive. When submitting fee proposals, it is important to include realistic assumptions. If a firm routinely underestimates fees, they are likely to be removed from future projects.
- Asking for Feedback: Most firms are hesitant to ask for formal feedback on the work performed, however, it is encouraged by clients. It shows not only that the firm is interested in evaluating its services and proactively taking steps to improve, but that they are interested in the client’s perspective. Though, a firm should then act on the feedback and address any complaints.
The bottom line
All four panelists repeatedly stressed the importance of a sound business relationship. Be responsive, understand your clients’ business and what will make them successful. As Ms. Tamez quoted, “Relationships are the currency of the workplace.”
By Sonia Rajguru, Business Development Coordinator at Alston Bird for the July/August 2015 Issue of the Capital Ideas Newsletter.