Amazing Firms, Amazing Practices : Gerry Riskin : Edge International

 

               Ms. Juhi Garg

Edge International is delighted to announce the addition of Ms. Juhi Garg.   Juhi holds a Masters in Business Law from India's foremost law school, the National Law School of India in Bangalore and is also a graduate in media from Delhi University. With Juhi on our team, Edge International will offer our full traditional range of consulting services to Indian law firms. In addition, we will be focusing on assisting Indian law firms with their strategies to develop business in the western hemisphere and to assist western firms wishing to take advantage of the burgeoning Indian legal services market.

India is a legal services market that is attracting global attention, for good reason. It produces more law school graduates annually than any other country. Its impact with outsourced legal services in western markets has been significant and this is set to grow exponentially as western clients seek to cut legal costs in the face of the current economic recession. Also, upcoming legislation is expected to significantly relax restrictions on foreign firms and lawyers practicing in India. Several international firms have already entered into arrangements with Indian law firms in anticipation of this change.

 See Juhi's biography by clicking here.

PUNCHLINE:  If you are a firm based in Australia, New Zealand Canada the US or UK and are interested in exploring an arrangement with an Indian law firm and you would like counsel on the selection and vetting processes, please allow me, Juhi Garg or Robert Millard to explore helping you.

 

 

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(Click on image to see original enlarged version)

I was fascinated by this piece at the Consumerist:   How To Beat The Stock Market: Buy Companies With High Customer Satisfaction Scores

If the same phenomenon occurs in the legal profession, there would be a tremendous return on investment from enhancing client satisfaction.

The story is that a portfolio comprised of “companies at the top 20% of the the American Customer Satisfaction Index (ACSI)... greatly outperformed the stock market, generating a 40% return.

“From 1996-2003, the portfolio outperformed the Dow Jones Industrial Average by 93%, the S&P 500 by 201%, and NASDAQ by 335%.”

How would you like to out perform the average law firm by somewhere between 93% and 335%?  More importantly, how much should you invest in order to reap a return of that nature?

Don’t bother disseminating this information to your people in order to encourage them to focus on enhancing client satisfaction.  Their consequential improved knowledge on the subject will do little.  It takes results (client satisfaction) to get results (improved profitability).  SKILLS rather than knowledge with be essential to achieve the desired outcome.

PUNCHLINE:  In my opinion, there is an overabundance of information in law firms and a dearth of client-relations training.  If you are a Managing Partner, you may want to balance this disparity.

Note:  I admit that this post is an act of unbridled extrapolation.  I cannot prove that the empirical research referenced would apply to the legal profession per se but my view is that it probably would.

(Thank you to my son, Daniel, for bringing this to my attention.  Daniel (Riskin) is a PhD and a renowned expert on bats - he discovered Vampire bats run - check out his site.)

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