How a Settlement Loan Can Help You Increase Client Satisfaction
Good attorneys are always looking for ways they can better serve their clients. You want to maximize the chances of victory, provide your clients with the tools and resources they need to feel confident, and ultimately build better relationships with your clientele.
One of the best ways to increase client satisfaction is by providing your clients with settlement loans. But how exactly do these work, and how can they boost client satisfaction?
Why Client Satisfaction Matters
First, let’s recap why client satisfaction is so important.
- Better rapport and communication. Satisfied clients, who are comfortable and confident with your services, are going to have better rapport with you and your team. They’re going to be more responsive, more communicative, and clearer in their interactions. That’s going to make your case management much easier and make it more rewarding to interact with clients.
- Acceptance of fees. If a client is unhappy with their experience or if your relationship is poor, they may balk at your final bill. But if the client is thrilled with their experience and happy with the final outcome, they’ll be much more willing to see your costs as justified. And happy customers lead to better referrals, positive reviews and repeat business.
- Higher team morale. Client satisfaction isn’t just about you and your client – it’s also about your team. Satisfied clients will be much less likely to call and complain and will be much more pleasant with your staff. Accordingly, better client satisfaction frequently leads to higher team morale.
- Repeat customers. If you’re working with clients who have been injured on the job or severely hurt in a car accident, you don’t necessarily want them to come back – but satisfied clients will be likely to seek you again, and not some other attorney, if they ever need your services in the future.
- Referrals and reviews. Even more importantly, satisfied clients will be eager to recommend you to other people they know. If you provide great service to someone with hundreds of connections, you could earn several new clients from them – just because you gave them a great experience overall.
- Overall reputation. If you consistently provide great client experiences, you’ll develop a better reputation as a firm. You’ll collect good reviews online, word of mouth will spread, and eventually you’ll be in a better competitive position.
Personal satisfaction. Let’s also not forget that providing clients with great service can make you feel good. When your clients are happy, you’ll feel rewarded – and motivated to continue doing your best.
How Can a Settlement Loan Help You Increase Client Satisfaction?
So how can a settlement loan help you increase client satisfaction?
In case you aren’t familiar, settlement loans work like this. Your client will apply for a loan, and if their case is promising, they can receive immediate funding. They won’t owe anything if they don’t receive a settlement and they won’t owe anything until they do receive the settlement. And with Capital Now Funding, your client’s payoff will always be fixed for the life of the case because we never charge interest.
Here’s how it helps boost client satisfaction:
- Immediate access to funds. The obvious benefit here is that your clients will have immediate access to money. If they’re currently struggling with bills, or if they’re out of work due to an injury, this can be a blessing. They won’t have to worry about making ends meet – and can breathe a sigh of relief.
- Confidence in the case. Settlement loans are typically only given to clients with promising cases. In other words, if the case is likely to fail, a settlement loan will not be available. If your client receives a settlement loan, it’s a cue that a third party strongly believes in their chances of winning a settlement. It can immediately boost their confidence and provide the foundation for a better working relationship.
- Trust in your advice. A confident client who’s satisfied with your work thus far will be more likely to trust your advice. This can make it easier to manage a case and give you and your client a much better chance of walking away happy.
- Security, stability, and focus. When your client is capable of paying all their bills and resting comfortably with the knowledge they have a high chance of winning, they’ll feel secure and stable – which means they can focus more on the case. They’ll be less distracted and less stressed, leading to better engagements.
Is a Settlement Loan Right for Every Client?
So should you be recommending a settlement loan for every client?
The short answer is no. Not all clients will qualify for a settlement loan, and not all the ones who do should take one. You’ll need to consider several variables, including:
- Chances of victory. How likely is this case to get a sizable settlement? The better the chances of the case, the more likely the loan will be approved. Of course, with most settlement loan providers, if no settlement is awarded, the loan will not need to be repaid.
- Duration of the case. How long is the case likely to go on? If things are moving quickly and it looks like your client could earn a settlement in just a couple of weeks, a settlement loan may not provide much of a benefit.
- Financial status. What is the financial status of your client? If they have ample savings and are currently working, they may not have any need for a settlement loan – in fact, it might work against them, depending on fees.
- Client disposition. You’ll also need to think about the client disposition. Do they seem stressed and worried about the case? If so, a settlement loan can make them feel more confident.
Settlement loans may not be right for every client, but in general, they can dramatically improve your client relationships (and boost satisfaction). Are you interested in learning more about how you can provide settlement loans to your clients? Contact us today!