Client retention - the real value of retaining the right clients
Vol. 3 - Iss. 3 pp. 13–16
Acquiring a new client to a law firm is (much) more expensive than retaining an existing one. I am not trying to say that lawyers shouldn't go out, as part of their business development activities, and get new clients for their practice. But if they can keep a larger percentage of their existing clients, they can build on a revenue foundation that is more profitable and predictable. Here is why and how.