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 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.

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