Your clients are valuable – you have no excuse for losing them!
It should come as no surprise to you to learn that your client data is valuable. Martin Darroch, Chief Executive of Harper Macleod LLP, spoke at the recent HM Connect Conference in St Andrews. When discussing how he would value a law firm, he said “it’s all based on good data – you must have good data”. He also went on to say that there is a lot of value in the number of Wills a law firm holds.
I found this very interesting for two reasons.
Interesting reason number 1
Firstly, having helped some law firms carry out Will reviews, it’s clear there is a huge amount of value in a Wills bank – provided you know where those Wills clients are! As I mentioned in my article “Five Million reasons to maintain regular contact with clients”, if you don’t know where your clients are, you’re not likely to get any business from them. For instance, do you know that around 20% of your Wills clients no longer live at the address you have for them? This means that the value you place on your Wills bank is immediately downgraded.
Interesting reason number 2
The second reason I found this interesting is that I recently carried out some data cleaning work for a client. My client had a small law firm that was merging with another firm. He wanted to let his clients know about the merger. He was going to write to them so I extracted just over 1,700 name and address records from his Practice Management system. By the time we stripped out duplicates and third party data, we were down to just under 1,200 records.
It was important to check the accuracy of the data before sending anything to clients. There wasn’t any point sending information to someone who no longer lives at the address you have for them. I used Experian Intact, uploaded the data and to check its accuracy. The check revealed that 43% of those on the list had either died or gone away.
What lesson does this exercise teach us? We can’t expect to win business from our clients if we don’t know where they are.
Presumably, the firm also lost out on any property sales and purchase fees of the “missing” people. If losing clients seriously damages the value of your business, it makes sense to keep in touch with them.
Keeping in touch with clients isn’t hard and it’s not expensive. Using our eNewsletters for law firms service helps you keep in touch. So, as you can see, there really isn’t any excuse for losing your clients! We’d be delighted to help you with your data challenges and keeping in touch with clients. Click here to email us.
Author: Brian O’Neill
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