3 Tips to Streamline the Client Acceptance Process

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Title3 Tips to Streamline the Client Acceptance Process
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Posted by Callie Sierra
11 July 2019

 

Efficiently accepting new business, whilst managing regulatory and reputational risks is an ongoing challenge for many of today’s law firms. However, new technologies are making it easier to quickly onboard new clients, while simultaneously reducing compliance risk. 

Though every firm’s business acceptance process is different, the whole lifecycle can be streamlined and customised to ensure faster opening, strategic alignment, and risk-based acceptance. If you’re considering ways to improve and streamline your firm’s business acceptance process, be sure to follow these three crucial steps.

Define the Intake Process

The first step in any business acceptance project is define the process. What critical information do you need to capture from clients? What steps are required? How many stages are in the process?

Before any work can begin on the behalf of the client, you’ll need to capture certain client details, including the country where the work will be performed, type of organisation, and the details of the source of work and proof of provenance. These details will need to be recorded digitally, and may also be used to create a risk profile to help evaluate and escalate potentially high-risk clients. 

The client intake process sets the tone for the relationship between a firm and its new clients, however it can also be incredibly complex. Take the time upfront to think strategically about the business acceptance process and all of the steps that need to occur for a successful client on-boarding experience. 

Complete Compliance Checks

Compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and sanctions requirements continues to be a key focus for the modern law firm, and firms must ensure they follow appropriate compliance procedures. Firms can streamline compliance checks by developing a risk-based business acceptance framework and employing workflow automation technology. 

For example, we recently partnered with COBALT, one of the largest law firms in the Baltic market, to design an automated intake workflow that will evaluate new business opportunities on a predefined set of rules determined by the firm’s priorities, including local and EU AML regulations. A risk profile will be created for each new client, allowing the firm to effectively assess risk and quickly escalate any high-risk clients for further review.

The required risk-assessment information and steps will vary from firm to firm, so it’s crucial to be able to customise the intake process at every step of the way. For example, some risk calculations, such as ensuring the client hasn’t previously worked with your firm, are only required in certain types of organisations, such as professional services firms. Fortunately, workflow automation solutions like Sysero allow you to completely custom your digital intake framework - from form design and stage tracking to risk algorithms, approvals and integrations. 

Accept New Business Opportunities

Depending on whether new clients are accepted or rejected, you’ll need to inform them of your decision. Using workflow automation, you can quickly create engagement letters with the relevant client and work details and quickly route them to clients for review and signature. Once a client has agreed to the terms, the details can be entered automatically into your accounts system or forwarded to your DMS and CRM, along with the client’s identification documents.

 

By using automation to create a structured risk-based business inception framework you can not only make it quicker to bring on new clients, but also proactively identify potential compliance risks with greater speed and accuracy.

To learn more and see how an automated intake process could work for your firm, try out our New Client Intake demo, which will walk you through the end-to-end client intake process. 

 

SummaryEfficiently accepting new business, whilst managing regulatory and reputational risks is an ongoing challenge for many of today’s law firms. However, new technologies are making it easier to quickly onboard new clients, while simultaneously reducing compliance risk.
Resource TypeBlog
CategoryKnowledge Automation

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