In most law firms, large clients are often served by only one or two practice areas, potentially missing out on valuable opportunities. The evidence, backed by corroborating research, shows that the more cross-practice collaboration to provide solutions, the stronger the client relationship with the firm and the more opportunities for complex work. This may seem obvious, but why are there so many firms missing out? While there are several challenges to cross-practice collaboration, an additional answer is that the law firm is unaware of where the best opportunities are with its most significant clients.
Blank Space Analysis is a powerful visual presentation tool to identify and act on the best client collaboration opportunities. It allows law firms to analyze their largest clients and determine areas where they can involve more practices in serving the client. The term Blank Space refers to areas where the firm is not representing the client in key areas or where they are doing some work but can potentially do more.
Here is an example:
Key Features:
- “At-A-Glance” Summary: The analysis is conducted annually, based on fiscal year-end reporting, to provide a snapshot of the firm’s opportunities with its most active clients.
- Work Percentage Breakdown: The analysis will present a percentage breakdown of key practice areas concerning client work, and spot areas for improvement and collaboration.
- Identifying Opportunities: By identifying areas of opportunity for cross-practice collaboration, you can unlock the potential for stronger client relationships and increased revenue.
- Tracking Progress: Year-over-year comparisons allow for tracking progress in collaboration efforts and measuring the impact of initiatives.
- Empowering the Business Development Team: Blank Space Analysis provides the business development team with valuable insights into the firm’s largest clients, their existing services, and new ways to serve them effectively.
- Prioritizing Business Development Planning: The analysis helps prioritize business development planning and highlights potential gaps in client representation.
- Minimal IT Investment: Blank Space Analysis can be performed without significant IT investment or resources using Excel and PowerPoint templates.
Best Practices:
- Confidentiality: Due to the sensitive nature of client information, confidentiality measures should be strictly adhered to when presenting the findings.
- Client Selection: Choose a finite and consistent number of clients for year-over-year comparisons, focusing on the largest clients that represent 55-70% of that year’s total revenue.
- Collaborate with Finance: The analysis requires collaboration with the finance department to obtain the necessary financial data.
- Simple Technology: Initially, focus on manual reporting using Excel templates for the blank space report and PowerPoint templates for additional analysis and graphics.
- Snapshot for Planning: It is essential to emphasize internally that the analysis is meant as a snapshot in time for planning and summarization purposes.
- Flexibility and Speed: Questions and new insights will emerge from the initial report, so flexibility and adaptability in making adjustments are essential.
Overall, Blank Space Analysis is a strategic tool for law firms to be more aware of the opportunities for cross-practice collaboration with their largest clients, leading to improved client relationships, increased opportunities for complex work, and overall growth and success for the firm.