BEST PRACTICE ACCOUNT MANAGEMENT: LESSONS FROM THE TRENCHES.

• Author: Healy, Ben

In today's constantly evolving market landscape, one thing remains constant: the need for professional service firms to have a practical framework for account management to position them for future success.

Academics are keen to push embarrassing ideas and frameworks for consideration. Readers are often left skeptical, doubting just how many of these authors have actually stepped outside their offices to work with the partners on the front line of account management.

This article is based on fact. We rebuilt our account management program during 2007-2008. We learned some important lessons during that process and discovered the fundamentals of what makes an account management program function effectively.

Below, we outline the six-step guide to best practice account management. It's practical, targeted and proven to work.

1. Get the right relationship partner.

   The role of a relationship partner should not be underestimated, and it requires a set of skills that don't necessarily align with those of a traditional fee-earning practitioner. the financial organization of some firms (lock step versus performance) may also present challenges, as partners are often not rewarded financially for the significant timte investment they make into relationships.

   The most effective client relationship partners have a presence within their organization; this may be seniority, a particular specialty or a significant internal profile. they are also comfortable referring work across the business and understand that their role is aimed at benefiting the organization and not themselves.

   Supported by the account manager, they are tasked with organization and coordination of client activities across multiple practice groups and jurisdictions, and they provide a level of energy and enthusiasm for growing the client that is infectious among the stakeholder group. In short, a good relationship partner is a rare commodity and should be cherished.

2. Map the relationship.

   This is a critical first step in identifying where you will be most effective in gaining traction within a client. It is difficult, if not impossible, to manage something without first understanding it. A detailed relationship mapping exercise gives you the foundation upon which you can build all your future relationship management activities. For particular clients such as investment banks, this exercise can prove particularly challenging, as the structure of the client is vague to the outside world...