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December 02, 2010
Don't compete on price. Don't compete on price.
Even now--and especially now--if clients come to you for price, they will leave you for price. To land and keep good corporate clients, never compete on price--unless, of course, your Executive Committee has decided to re-brand your firm Generic BizLaw Dweebs. Compete on value. (For longstanding existing clients, it's a different story; you already have a relationship--so "play with" the rates to reflect volume and reward loyalty.) Only pitch to, and work for, lawyer-savvy clients. At best, the "bargain-hunting" corporate client isn't a sophisticated user of legal services, is well aware of that, lacks confidence, and therefore makes rube-like demands for "price reductions". It can't discern differences between one set of corporate lawyers and another set. So it guesses. Don't go there.
Posted by Holden Oliver (Kitzbühel Desk) at December 2, 2010 11:59 PM
Comments
Same with matrimonials, although they tend to seek out lawyers based on rep and style perhaps even more than corporate clients, since their problems are so personal. My advice to them at consults, if they shirk at the rates: hire a lawyer with whom you feel comfortable - personally, financially and professionally.
As for those bargain-hunting matrimonial clients? Send 'em to the bar association or to 1-800-DIVORCE. They'll be much happier, and so will your receivables.
Happy holidays, by the way!
Posted by: Terri Weiss at December 3, 2010 03:03 AM