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.