Andre Lerman
A commitment to collaboration across the firm and investment in sales training for partners can help professional services firms boost client relationships and revenue amid declining loyalty. The focus should be on proactive engagement, not just waiting for RFPs.
As professional services firms face declining loyalty and rising competition, they must take proactive steps to strengthen client relationships and uncover new business opportunities. According to a recent Harvard Business Review article (https://hbr.org/2023/11/what-todays-rainmakers-do-differently), collaboration between partners and sales training focused on collaboration are key strategies to develop more “Activators” within firms.
Collaboration is crucial for driving new revenue. Approaches like having partners cite collaborative examples in self-evaluations motivate cross-practice introductions to clients. This exposes clients to the firm’s broad capabilities. Law firm Baker McKenzie’s collaborative model increased North American revenue 40% in six years.
Sales training that includes collaboration skills also equips partners to succeed. Leading firms like McDermott Will & Emery have network management programs with a collaboration focus. Over five years, McDermott trained over 500 partners, helping grow revenue from $800 million to $1.8 billion. Training in collaboration provides the skills to proactively engage clients, share insights, and identify opportunities.
A commitment to collaboration across the firm and sales training focused on collaboration skills can help professional services firms boost client relationships and revenue amid declining loyalty. The focus should be on proactive engagement, not just waiting for RFPs.
Growth leadership for professional services firms 