Future-proofing client relationships in the legal industry with technology
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The legal industry is undergoing a profound transformation, and maintaining robust client relationships is more critical than ever. As legal professionals navigate through forces such as artificial intelligence (AI), generational shifts, and changing client expectations, law firms must proactively adapt their strategies to ensure relevance and success. The Thomson Reuters Institute’s latest report, “Stellar Performance 2024: The Future of Client Relationships,” highlights these challenges and opportunities, providing valuable insights into how the legal sector can prepare for the future.
Drawing from this comprehensive report and other industry resources, this blog explores how legal professionals can leverage technology to future-proof their client relationships. The “Stellar Performance 2024” report, based on extensive surveys and interviews with stand-out lawyers and legal professionals, serves as a guidepost for understanding the evolving dynamics of client-lawyer interactions and the pivotal role technology plays in shaping these relationships.
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Embracing digital communication platforms
Harnessing the power of Client Relationship Management (CRM) systems
Unleashing the potential of generative AI (GenAI)
Implementing Key Account Management (KAM) programs with technological support
Turning insights into action with tech-driven solutions
Preparing for partner retirements with technology
Embracing digital communication platforms
The pandemic accelerated the shift towards virtual communication, fundamentally altering client-lawyer interactions. Traditional face-to-face meetings are increasingly being replaced by video calls, collaboration tools, and even chat and text messages. To meet clients where they are, legal professionals must adopt advanced digital communication platforms.
Forward-thinking lawyers are already using multiple communication channels to ensure flexibility and responsiveness. By implementing secure client portals and collaboration tools, such as HighQ for client portals, firms can enhance client satisfaction and foster stronger bonds, even in a virtual environment. These platforms offer features like document sharing, task management, and real-time communication.
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Harnessing the power of Client Relationship Management (CRM) systems
To revitalize succession planning and institutionalize client relationships, law firms should invest in robust CRM systems. These technologies can help firms develop cross-practice client teams, ensuring continuity and building trust with clients even as senior partners retire.
Advanced CRM systems can track client interactions, monitor preferences, and record client history across the firm.
By centralizing this information, firms can mitigate the risks associated with partner retirements and maintain strong client bonds through seamless transitions.
Unleashing the potential of generative AI (GenAI)
GenAI is poised to revolutionize the legal industry, offering unprecedented opportunities for efficiency and cost-effectiveness. Legal professionals must proactively harness this technology to deliver exceptional client outcomes. AI-powered tools can analyze past client interactions, preferences, and behavioral patterns to generate highly personalized next-best actions for each client relationship.
For example, AI can be used to:
Automate routine legal tasks, freeing up time for higher-value client interactions
Provide predictive insights on case outcomes, enhancing client counseling
Offer real-time language translation, facilitating global client communication
Generate customized client reports and updates, improving transparency and engagement
Implementing Key Account Management (KAM) programs with technological support
A structured methodology for managing client interactions, such as Key Account Management (KAM) programs, has been proven to spur organic growth and client retention. Technology can play a crucial role in enhancing these programs with:
Client collaboration portals: Implement secure, branded portals through solutions like HighQ to provide dedicated spaces for high-priority accounts or industry verticals.
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Automated communication channels: Use AI-powered chatbots and scheduled email campaigns to maintain regular, structured communication with clients.
Data analytics for performance metrics: Leverage advanced analytics tools to track client satisfaction and long-term value creation, establishing clear incentives and performance metrics.
Turning insights into action with tech-driven solutions
To adapt to new communication preferences among clients, law firms should apply or update certain KAM principles using technology that:
Implements AI-driven feedback systems: Use AI-powered surveys and sentiment analysis tools to systematically assess clients’ preferences for communication channels and styles.
Creates a centralized knowledge base: Utilize cloud-based platforms to maintain an accessible record of client communication preferences and insights.
Enables knowledge sharing: Implement internal collaboration tools to distribute expertise among lawyers, particularly younger professionals.
Provides virtual training resources: Offer on-demand, interactive training modules to ensure all lawyers are comfortable using a range of communication methods based on client preferences.
Develops a tech-enabled client service philosophy: Use workflow automation tools to establish communication expectations and standards while allowing flexibility to adapt to client preferences.
Preparing for partner retirements with technology
With a significant portion of partners planning to retire within the next five to 10 years, law firms must leverage technology in their succession planning that:
Implements succession planning dashboards: Utilize data visualization tools to create interactive dashboards that highlight key client relationships, partner demographics, and retirement timelines, enabling proactive transition planning well in advance.
Implements digital collaboration tools: Develop multi-disciplinary teams using project management platforms to provide a breadth of expertise and relationship continuity.
Utilizes AI for knowledge transfer: Implement AI-powered knowledge management systems to facilitate the transfer of expertise between outgoing and incoming partners.
Employs client feedback platforms: Maintain open and transparent communication with clients throughout the transition process using dedicated feedback and communication tools.
Charting the path forward: Technology as the cornerstone of client relationships
The legal industry is at a technological crossroads, driven by advancements in AI, changing client expectations, and demographic shifts. Embracing a tech-driven approach to client relationships allows legal professionals to navigate these monumental shifts, successfully ensuring resilience and relevance in the future of law.
As the industry moves forward, legal professionals should commit to enhancing client relationships through technological innovation, flexibility, and a deep understanding of clients’ evolving needs. By doing so, firms can secure a prosperous future and deliver exceptional, tech-enabled service to their clients.
Stellar Performance Report 2024
The legal industry is shifting. To thrive in this new landscape, law firms must adapt and innovate.
View report
The post Future-proofing client relationships in the legal industry with technology appeared first on Thomson Reuters Law Blog.
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