We all know that gathering client signatures is a crucial part of managing the corporate and tax transaction process. When signatures are delayed, it affects the whole deal, including, but not limited to, reporting, billing and completing the project. However, chasing client signatures is not a great use of time. You could be doing other things that can be more beneficial to you and your firm.
Improve client retention rate
Loyal clients are the best way to acquire new clients. When existing clients refer a new client to your firm, chances are, the new client has already heard good things about you. As a result, you no longer have to exert a lot of effort in building rapport with them because they already know what you are capable of. Furthermore, loyal clients will invest more time and money in you– giving you more revenue in the long run.
To improve your client retention rate, you need to give your clients what they want from your firm– and that is transparency. It may be harder to build a relationship and provide transparency to your clients when spending time collecting client signatures.
dealcloser, a transaction management hub, helps improve client retention rates by giving your clients the ability to check on their deal anytime they need to. dealcloser also notifies your clients when there are documents that need to be signed, which saves you time from manually collecting signatures.
When you spend less time collecting signatures, you’ll have more time to interact with your clients, respond to their queries and help them with their other legal needs. And when you spend more time engaging with your clients, you also increase the chances of keeping their business.
Developing an online presence
Building an online presence for your firm is a way of networking and is a requirement in growing your business. One of the first things clients do when purchasing a product or a service is research the product or service online. Clients immediately lose their trust in businesses that don’t have any information online.
Aside from building a first impression, having a strong online presence also helps you position your firm as the authority in your industry. This means that when a client has a legal problem, your firm will be the first thing that will come to their minds.
Building an online presence includes creating and improving your website and also engaging with clients and potential clients on social media. As part of a larger business development plan, most law firms have a strategic marketing plan, which covers website improvements and social media strategies. In fact, according to the 2017 ABA Tech Report, 69% of lawyers use social media for career development and networking while 59% of lawyers use it for client development. When it comes to websites, 74% of consumers visit a law firm website before taking action.
Spending less time collecting signatures gives you more time to expose your brand to new and potential clients. This also allows you to connect and learn from other lawyers, which may be beneficial for you and your career.
Working long hours for long periods of time is crucial for meeting targets, cementing client relationships and impressing your clients – or is it? The truth to work-life balance is quite the opposite. Long hours can lead to burnout, as long hours can be difficult to sustain and burnout will almost certainly affect your work performance. Truly long hours cannot always be avoided but when that becomes the norm, problems can arise in all other aspects of a lawyer’s life.
One of the biggest reason why lawyers work longer hours is because they are spending more time doing non-legal tasks, such as collecting client signatures. dealcloser streamlines one of the largest wastes of time in the transaction process by providing legal professionals an effective and efficient way of managing deals.