“80/20” analysis examines strengths and weaknesses.
The first step toward client-focus is to identify and understand your most important clients. Importance can be tied to the symbolic value of the client, its prestige or the kind of work you do for them; but, typically, top clients equate to well-paying ones. Adapting Pareto’s rule, eighty percent of revenue comes from twenty percent of clients. These are your key – or foundation – clients, the engine of growth for practitioners and their firms. A five year analysis of these data will identify key growth drivers to enhance and areas of weakness to eliminate.
Client-focus assumes a dual understanding of clients in the context of their own world and your world.
In a client-focused practice attorneys understand not just the client segment relevant to a matter, but the whole client – in terms of who and what they are in their own worlds and also who and what they are in the context of your firm. Ideally, you will use client interviews and client meetings to keep abreast of ‘soft’ information such as growth plans, personnel issues and risk assessments.
