This article was originally published in the Law Management Journal, and you can read the full article there.

Here is a summary of the key takeaways.

Changing the way you think about pricing

  • It’s not about how low you go with your price but how high you can deliver value.
  • Offering a discount is not how to avoid losing a client, creating value is the way to retain them.

Finding your value is the key to success

  • It’s crucial to define where you can add value to the market, what work is most valuable and how much clients are willing to pay for that value.
  • No matter how challenging is the market is or how many quality competitors exist, if your value, knowledge and expertise are recognised, you’ll succeed.
  • Focus on your strengths, these are the areas where you can create value and make a greater contribution to your market.

Justifying your fees

  • Bullet-proof lawyers are genuinely focussed on delivering value to their clients and have a strong understanding of what this value means.
  • Once the client experiences the difference, a ten or twenty per cent higher premium is insignificant compared to the benefits they receive.
  • Focus on building and delivering value in the long run, instead of offering a discount as a short-term goal. This is how you will stand apart and your clients will thank you.

Want to improve your pricing but not sure where to start? Talk to us about how to define the right pricing strategy for your firm and deliver outstanding value to your clients.

© Copyright 2020 Positive Pricing