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Customer attrition, also known as customer churn, customer turnover, or customer defection, is the loss of clients or customers.. Companies often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow, EBITDA, etc.) because the cost of retaining an existing customer is far less than the cost of acquiring a new one. [1]
Churn rate (also known as attrition rate, turnover, customer turnover, or customer defection) [1] [2] [3] is a measure of the proportion of individuals or items moving out of a group over a specific period. It is one of two primary factors that determine the steady-state level of customers a business will support. [clarification needed]
Employee attrition, employee turnover, and employee churn all refer to an employee quitting the job, and are often used as synonyms. For the first two terms, the difference is due to the context, i.e., the reasons for the employee leaving.
This data is based on the law firms official financial report for the 2023/24 financial year running from 1 April 2023 to 31 March 2024. The list contains the 17 law firms which generated over half a billion US dollars in this period. 16 of which are London-based and 1 headquarter in Manchester.
Practical Law was acquired in 2013 by Thomson Reuters in a deal speculated by senior industry sources to be worth £300m. At the time it had 750 employees and a turnover of £48.2m [2] Practical Law has a staff of approximately 500 in the UK, based in London, and 300 in the US, based in New York.
The perception of success of the customer service interactions is dependent on employees "who can adjust themselves to the personality of the customer". [2] Customer service is often practiced in a way that reflects the strategies and values of a firm. Good quality customer service is usually measured through customer retention.
If a customer demands a dismissal, the impact on the employer of keeping the employee needs to outweigh the impact on the employee of the dismissal. If a supplier demands a dismissal, the employer needs to weigh up the cost of going elsewhere. The employer should always consider a transfer to another department.
In that year the sector had a turnover of £52.5 billion, generated £26.6 billion of exports [153] and produced around 1.45 million passenger vehicles and 203,000 commercial vehicles. [152] The UK is a major centre for engine manufacturing, and in 2008 around 3.16 million engines were produced in the country. [152]