Before you can think about improving the client lifecycle, you need to ensure you are ticking all the regulatory boxes. More than most other industries, law firms have to meet a hefty amount of strict regulatory requirements. In order to do that, having a bird’s-eye view of risk across your client base is essential.
Underpinning client lifecycle management is a commitment on the behalf of law firms to ensure they have the policies, controls and procedures in place to comply with regulations and professional codes of conduct.
But those processes also need to work in practice, so be sure to standardise them across your firm. Otherwise, time-strapped lawyers will adopt their own ways of working. More often than not, this is where corners are cut and compliance breaches happen.
The bottom line?
Law firms that manage risk in an effective and efficient manner not only unlock value throughout the business, streamline processes and improve visibility of their entire client base, they also help instil a compliance culture across their firm.