November 06, 2009
Don't compete on price--especially now.
If a new client demands a "discount", color it unsophisticated and a pain in the ass. Refer it to that firm down the street you just never liked.
If a client comes to your firm for price, it will leave your firm for price. Value--not price alone--is the point. You're in a services profession, so value will be conferred upon, and experienced differently by, different clients in different engagements.
It's all in the work, i.e., first rate legal products mixed with real client service for every client you serve--and, of course, the billing. About billing: it's case by case, it's very hard, and it takes thought. But no matter how your firm bills--hourly, "value", flat or a combination--don't lower the price for your firm's services, especially for new clients or to attract work.
Don't lower rates to get business. Don't change anything. If a new client--especially via an in-house lawyer (but we doubt you'll see this happen)--demands a "discount" these days, it is likely both unsophisticated and a pain in the ass. Refer it to that firm down the street you just never liked.
This man doesn't "do" discounts to get work for his law firm. Either should you. (Photo: ABC)
Posted by JD Hull at November 6, 2009 11:59 PM