When selling, lawyers get anxious about how to obtain a sufficient understanding of a prospective client’s problem, and share enough of their knowledge to motivate her to hire them, without giving away the store or over-investing in what could turn out to be a dry hole.
Based on how often I’ve been asked this question by lawyers throughout my decades in BD coaching, this seems a pretty universal problem. Here’s how to make lemonade out of those lemons.
Sales trainers have long taught us that “price” actually is code for “value.” Discount requests have always been a signal that your value is perceived as out of line with what you charge. However, when discount requests become the norm, that’s a larger, more ominous signal.
In your law practice, are you more like a contractor or a consultant? Should you care? If you care about pricing power, differentiation, perceived value, and having a seat at the decision table, the answer is a resounding "yes."
Don't cling to the past as lower realization reduces your effective price. Associate yourself with emerging problems that drive high-value demand.
Even disciplined sales people end up with collection problems. When that happens, here's what to do to collect the maximum amount.
Clients now insist on matter estimates. Lawyers struggle with matter estimates. Here's advice from a longtime software developer.
If clients resist your price, help them recognize the many different types and degrees of impact associated with the problem you're solving.
Relevance and currency determines lawyer pricing power. Here's what you can do to create all three.