In a Down Economy, Transparency May Save Your Skin!
by Allan Colman
As we all witness the historical misadventures of the banking and finance industry, I have to wonder what it must be like to be on the receiving end of frantic and angry client calls. No one asked questions when the money was easy. But now that the party is over, somebody’s got some “spanlin” to do.
Even if your law firm isn’t directly involved, you are not immune. Low liquidity and tight credit affects all industries. I can guarantee your client is watching their pennies and looking for ways to streamline. Your goal may not necessarily entail growing this particular business, but rather, holding on! In this case, your goal is to not make the cut!
Transparency and frequent communication will be key to quelling a client’s concerns about overspending. Now is not the time to send out invoices with huge dollar amounts without reportage on activities. Be mindful of expenses you are billing to the client—be prudent. Your client will appreciate your consideration and you’ll earn their continued confidence. Most importantly, your firm will maintain a high client retention rate.
Allan Colman is Managing Director of the Closers Group - http://www.closersgroup.com/, a consulting firm that helps lawyers with law firm marketing.
