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Key takeaways:

• • • Understanding is critical 鈥� Law firms must seek to deeply understand their clients鈥� businesses and proactively use data and AI to build trust and deliver value.

    • Transparent communication is needed 鈥� Conversations with clients around pricing, value, and staffing 鈥� supported by clear metrics 鈥� strengthens client relationships and helps firms demonstrate their worth.

    • Pull a lot of levers 鈥� Proactive business development, creative billing models, and leveraging advanced technology are critical for law firms to differentiate themselves and meet evolving client expectations.

WASHINGTON, DC 鈥� Today, law firms are facing unprecedented pressure to deliver more value, build deeper relationships with clients, and differentiate themselves in a crowded market. The recent 成人VR视频 Institute鈥檚 24th Annual Law Firm COO & CFO Forum brought these developments into sharp focus, highlighting how client management is now seeping into every aspect of law firm operations.

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The 24^th Annual Law Firm COO & CFO Forum Executive Summary

The message from industry leaders at this event was clear: Law firms must prioritize deep client understanding, proactive business development, and transparent use of data and AI to build trust and deliver 鈥� and demonstrate 鈥� value in client relationships.

The not-so-new imperative: Deep client understanding

As many speakers underscored at the Forum event, the foundation of any successful client relationship is understanding 鈥� not just of the client鈥檚 current needs, but of their business, market, and future ambitions. While not new, this sentiment is now echoed more strongly by many clients who expect their law firms to act as true partners, invested in their growth and success.

For clients, that even seeps down into the minutiae of running a firm, said one corporate counsel. 鈥淲hat clients really look for is outside law firms that have a track record of good work, meet deadlines, and don鈥檛 overstaff 鈥� of course, those are just table stakes now,鈥� the counsel said. 鈥淏eyond that, clients are increasingly looking at how law firms train and retain their lawyers 鈥� because it鈥檚 a trust issue, and we don鈥檛 want any surprises around who is working with us.鈥�

Increasingly, clients seem to be using their legal spend to speak to those priorities, our research shows. The portion of total legal spending going to outside counsel increased this year to more than two-thirds (67%) of the total. And almost one-quarter (24%) of clients鈥� outside counsel spend goes to the law firm they use most, with 15% of clients saying they plan to use their most-used firm more this year, compared to last year.

To meet these deepening expectations around collaboration and value, law firms are increasingly leveraging advanced, AI-driven technologies that enable them to gain deeper insights into their clients鈥� industries, anticipate challenges, and proactively offer solutions. Indeed, these pathways to partnership, it seems, run directly through AI, several panelists suggested. 鈥淚t鈥檚 not just about being reactive to client needs but about anticipating those needs and demonstrating value at every turn,鈥� said one speaker.

However, law firms 鈥� for the sake of their own economics 鈥� need to train their partners to hold sometimes difficult conversations with clients around pricing and be able to explain the value the firm is offering. 鈥淲e need to show what鈥檚 working and what鈥檚 not working in a client relationship,鈥� said one law firm leader. 鈥淣ot just once a year when we set rates, but in conversations all year long.鈥�

Building trust through transparency & metrics

While trust is the cornerstone of any client relationship, it鈥檚 built on transparency. Clients want to know not only what their law firms are doing, but also why, and how value is being delivered, several panelists explained, adding that this means having open conversations with clients around pricing, value, and staffing that are supported by clear, objective metrics.

At the Forum, several law firm leaders emphasized the importance of ongoing, transparent dialogue with clients that backed by data, which helps eliminate any surprises and ensures that both sides are aligned on expectations and outcomes.

鈥淚 mean, clients are why we鈥檙e in business, and client expectations should be a priority for every firm,鈥� said one panelist. 鈥淚t鈥檚 shocking how frequently we ask ourselves, How will this affect the client? 鈥� we ask it a lot, because everything naturally does.鈥�

鈥淟aw firms will need to get better on their own metrics so they can see 鈥� and explain 鈥� what is happening.鈥�

Not surprisingly, many firms are beginning to leverage advanced technology to build out these critical metrics to demonstrate value to clients 鈥� yet, it鈥檚 not a panacea. Lawyers will still need to review and validate AI-generated work, and the anticipated cost savings may not always materialize as quickly as clients hope. This makes ongoing communication and expectation management all the more important.

Clients and law firms must move forward together, several panelists suggested, adding that firms regularly need to ask their clients, 鈥淲hat do you want to do? What problems do you want to solve and what opportunities do you want to seize?鈥� This collaborative approach ensures that the firm鈥檚 efforts are always aligned with the client鈥檚 goals.

Proactive business development and creative billing

As many speakers at the Forum contended, gone are the days when law firms could rely solely on traditional billing models and reactive business development. Today鈥檚 clients expect more flexibility, creativity, and initiative from their outside counsel.

To that end, firms are getting better at using data to help sharpen their pricing prowess, offering more alternative billing structures, flat-fee arrangements, subscription models, and even tech surcharges. 鈥淵ou have to get creative, and you have to have options,鈥� one speaker explained. 鈥淟aw firms will need to get better on their own metrics so they can see 鈥� and explain 鈥� what is happening.鈥�

As evidenced by this, many law firms are taking multiple approaches to addressing pricing issues and questions of value with clients. For example, one firm leader said his firm looked at its own billing and revenue data and the client feedback it had gathered and saw with which clients the firm was most successful and where growth opportunities could be identified. 鈥淭his is extremely helpful information to guide your lawyers as they prioritize their actions,鈥� he said. 鈥淚t helps you determine where you want to go as a firm.鈥�

Another firm鈥檚 goal was to find more green space 鈥� those law firm service offerings that clients weren鈥檛 using but could, adding that the firm had much more success finding added value for current clients than locating new ones. Yet another firm did tariff modeling by using data analysis to determine how their manufacturing clients could save money by changing locales. The firm provided the tool, trained clients鈥� in-house lawyers on the tool, gave the data results to clients, and then worked with them on solutions.

Another argued for tech surcharges 鈥� fees charged to the clients to help offset the high costs of law firms鈥� tech investments. While admittedly controversial, the speaker explained that clients may not balk at reasonable charges because they want their law firms to succeed too 鈥� an idea that didn鈥檛 draw immediate objection, even from the corporate counsel in attendance. 鈥淎nd I think if one big law firm does it, the industry will follow along,鈥� he added.

Putting clients at the center

As many of the panels at the Forum underscored, clients are the reason law firms exist, and their expectations should be the driving force behind every decision. By prioritizing deep client understanding, embracing transparent communication, and proactively seeking new ways to deliver value, law firms can build stronger, more enduring partnerships 鈥� while setting themselves apart in a challenging market.

And, several speakers noted, this is going to be increasingly important going forward. 鈥淚f the legal market is going to get rocky,鈥� one panelist said, 鈥渋t鈥檚 going to be tech investment and client management that will become critical differentiators for many law firms.鈥�

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