June 25, 2012
"Are we not men?" Don't compete on price. Compete on value and long-term relationships.
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. 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, between the generic and the excellent. So it guesses. Don't go there. Work with clients that get you.
Q: Are We Not Men? (1978) Warner Bros. Records. Design: Erik Munsön.
Posted by Holden Oliver (Kitzbühel Desk) at June 25, 2012 12:59 AM
I couldn't agree more with the blog comments. If you live by always undercutting prices, you will die by undercutting prices.
Posted by: John Eric Pollabauer at June 24, 2012 03:37 PM