Is Your CRM Failing You? Uncover the Truth About CRM for Law Firms
Client expectations for legal services has never been higher, and winning their business has become even harder. In today’s buyer driven market, law firms must stand out and offer personalized experiences and tailored services to attract clients.
That’s where Client Relationship Management (CRM) comes in. CRM is a necessary tool for law firms to keep track of their interactions with clients and prospects. It helps firms do this by providing them a centralized view of all the clients interactions with a firm.
This can help lawyers and clients communicate better by providing updates on their case or other news. The updates are important and may be of interest to the clients. This can lead to improved communication between lawyers and clients.
Yet, recent surveys of law firms have uncovered some troubling statistics about their relationship with CRM:
CRM Not Effective At All
Thomson Reuters reported that marketers consider CRM the least effective tool in the MarTech stack. For CRM to drive results and ROI for the firm, it has to be consistently used by attorneys to manage their clients and prospects. Yet another study found that adoption rates are at an all-time low.
Less than 40% of attorneys use the CRM, and only about 25% of them use it regularly. People who don’t use CRM are using outdated methods to manage their leads and tasks. These methods include spreadsheets, Outlook reminders, and sticky-notes.
CRM Implementations Fail to Meet Expectations
For years, respected research organizations have reported that nearly 70% of CRM implementations fail to meet expectations. We think the actual number is even higher.
Many company CRM implementations fail for various reasons. Some reasons include prioritizing technology over people, lacking a clear strategy, and users not adopting the system.
These factors contribute to the issue at hand. Focusing too much on technology can lead to neglecting the needs of users.
Without a clear strategy, it is difficult to effectively implement and maintain the system. Additionally, if users are not utilizing the system, it may not be meeting their needs or providing value. No matter why the implementation failed, this number shows how hard it is to implement CRM successfully.
Firms Struggling to Win New Clients
As law firms focus on growing their online presence, lawyers struggle to follow up with potential clients who fill out online forms. According to a recent study of 1,300 law firms, nearly a third (27%) of online form submissions from prospects went unanswered. Lawyers may not have sales training or time to generate and develop leads. Firm leaders can also be hesitant to hold attorneys responsible for building connections or using the CRM system.
For almost 20 years, we have been leading CRM consultants, helping professional service companies achieve success with CRM. We want to understand the obstacles firms encounter on their journey to CRM success.
That is why we are launching the CRM Success Survey. The survey aims to identify barriers to success and understand how the industry is using CRM. This will help companies identify challenges, develop a successful strategy, and improve their CRM practices.
The survey is intended for informational and research purposes only. All responses will be aggregated and kept confidential. Participants will have early access to the results, and validated law firm participants who complete the survey by the deadline will receive a gift card.
To learn more and participate in the 2024 CRM Success Survey, go here.
