These four variables affect client retention, DLA Piper study found
DLA Piper estimated it increased revenue by $37.6 million by following advice gleaned from a data analytics study aimed at learning why revenue from some clients was staying flat or decreasing.
The study, discussed at a recent conference sponsored by the International Legal Technology Association, found four key variables affected client retention, Law.com (sub. req.) reports.
The study was conducted by DLA Piper’s marketing team and analytics partner Axiom. The team looked through four years of data and about 7 million records to determine what variables made a difference to client retention.
The four variables, as reported by Law.com, were:
• Cutting the size of “matter teams” to five or fewer people and increasing time per member.
• Introducing one new professional to the client relationship.
• Adding an additional industry expert to the team.
• Using a focused, relevant marketing initiative for each client.
