Most people in business would agree that trust is a key component to generating – and retaining – clients. However, few could tell you the concrete steps and measurable actions needed to build it. Here, we assess some of the leading thoughts on trust-building in the legal industry and how you can put them into practice.
Trust is not a ‘squishy’ concept
In the best-selling book, The Trusted Advisor, authors Maister, Green and Galford famously proposed: ‘Trust is not a squishy, fog-sculpting “soft” concept – at least, it doesn’t have to be.’
They believe that trust is founded on four concepts that can be put into action to see economic improvements within any business. The factors are:
The authors’ equation shows how these factors interact:
Trustworthiness = (Credibility x Reliability x Intimacy)/Self-orientation
Initial trust vs a lasting relationship
Joel Barolsky, Teaching Fellow from The College of Law and Managing Director of Barolsky Advisors, has reviewed The Trusted Advisor equation – and suggests it needs tweaking.
He believes that, although credibility, intimacy and self-orientation are important factors in establishing a new relationship, they don’t capture how to maintain trust in an existing relationship.
With long term clients, he argues that more important factors for enduring trust are:
Key takeaways
Looking to improve your client relationships?
Now that you know the key factors involved in creating and maintaining trust, let us show you how to strategically put these ideas into practice.
The College of Law’s six-week course Building trusted client relationships: Strategy and practice design will teach you how to become a trusted advisor and develop a client management plan.
This subject is part of the College’s newly formed Master of Legal Business – an innovative postgraduate course to help make leaders future ready. If you're interested in improving your client relationships, enquire today.