One of the most important parts of law practice management is keeping the clients that you have happy. This can be especially important if you are working with a general counsel of a corporation or large client and if your firm does tons of business with the GC. As such, it is important to know whether your GC is happy and to know some of the things to avoid in order to make sure the GC doesn’t become unhappy.
Why GC’s Fire Firms
To get some insight into what makes GCs drop law firms, Bloomberg TV recently conducted an interview of general counsels in more than 45 countries. According to what they found, there are three primary reasons why a GC might fire a firm. These reasons include:
- A sense that the firm isn’t providing value for the many charged or isn’t charging a fair price.
- A sense that the firm lacks expertise or specialization in appropriate fields.
- The departure of someone the GC had a relationship with, such as when an associate moves to a new firm or a partner retires or leaves.
Being aware of these three primary reasons for GCs to fire firms is important so you can do everything possible to avoid getting fired by major clients. Bloomberg TV’s interview also suggests getting feedback from GCs about what you may need to improve, and taking the time to consider this type of feedback can also be a key part of law practice management. After all, if your biggest clients all think that something needs to change in your firm, it only makes sense to know about the issue before it becomes a problem and to consider making the requested change.