I eagerly await the LSCP Trackers each July, particularly the survey examining how consumers choose their legal services provider. I always find the insight offered invaluable when advising the financial planning firms for whom I consult, on their appropriate and informed interaction and support for their solicitor connections. Certainly, my colleagues here at Matrix Capital are aware that understanding consumer trends is equally as important to that end, as regulation.
For this month’s Matrix Capital solicitor newsletter I am offering , what I hope are 10 useful insights gleaned from this year’s tracker.
Shopping around – 41% of consumers shopped around this year, compared to 39% in 2023. With 42% looking at 3 solicitor websites, the clarity and ease of exploring your site, therefore, is vital.
Transparency – Worryingly only 61% of those asked found it easy to find information on services, staff biographies or likely timelines on solicitor sites, which is down 5% on last year. This is not about SRA regulation on transparency but about selling the quality of your team and your services to the researching potential client.
Regulated Solicitors win the day – 90% of consumer opt for regulated legal services providers. With 63% still choosing a solicitor. Be sure your website clearly portrays the SRA logo so consumers know and can take confidence in the protections that provides.
Reputation and price remain key – Reputation and price remain the most prevalent factors in consumers; decision making. Therefore, how you convey the quality of your services and those who deliver them is critical. Qualifications, awards and independent testimonial seem the logical ways to illustrate your quality.
Price Comparison/Customer Review sites – Despite the pressure from the LSB and in turn, the SRA on quality indicators, the number of consumers who selected a provider via that medium dropped to an insignificant 3%. This indicates that other methods, including those described above must still be more important.
Good value for money – Congratulations, the highest percentage of consumers at 70% since the LSCP Tracker began in 2012 (58%) felt they had received value for money. Despite price being a prevalent factor in choice, this does not always mean cheap and cheerful. Value for money is a combination of the price and the quality of the service and what’s included within that price. Another reason why fulsome detail of the stages and what is entailed in the service and the qualification and experience of who will deliver it should be clear to a researching potential client.
Recommendation remains king – Looking at the top 3 reason for a consumer choosing a particular firm, then the importance of personal referral is obvious. 39% chose their provider because they or a family member had used that provider previously or had been referred to them by a satisfied family member or friend. How crucial then to follow up with your clients, gain feedback and testimonial, and even ask how likely they are to recommend your firm to a friend or family member.
Professional referral – The third most popular reason for provider selection, which has increased on previous years to 13%, is referral from another professional organisation. Given that this referral will only be accepted based on trust the most obvious referees are accountants or financial planning partners such as Matrix Capital.
Local Offices/convenience – The third driver, after reputation and price, is where you are. People like dealing with firms local to their home or work. This being the case it seems logical to talk about your local reputation on your website, and perhaps whether you support or sponsor local teams, organisations or charities.
Local professional referral – Combining the 2 previous insights suggests that one of the key factors in your due diligence on which financial planners and accountants your firm will refer to, should include local proximity and reputation.
If your clients have chosen you because of where you are, if they need complementary advice, then obviously they will anticipate your recommending then to a local firm you trust.
The customer, as they say, is always right, so it makes perfect business sense to listen to, respect and act on their preferences.
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