Viewing entries tagged
Value

Your first sale should be "clarity" (reading time: 2 mins)

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.

Relevant, Useful, Valuable, Indispensable: "Indispensable"

By the time they become senior partners, many lawyers feel that the battles they've survived have earned them real judgment. At this stage in their careers, they want someone to need, consume and respect that judgment. They want to be Indispensable. Here's what that means:

Relevant, Useful, Valuable, Indispensable: "Valuable"

Value refers to the relationship between the client's perceptions of worth, utility, or importance of the impact attributable to you, and the amount they paid you to obtain that. It applies equally to prospects and contacts. Value goes beyond dollars, to include their time and attention, calendar space allocated, etc. Here's the key to measuring value .

Consulting vs. Contracting

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."

The importance of pricing leverage

Don't cling to the past as lower realization reduces your effective price. Associate yourself with emerging problems that drive high-value demand.

“I’m not in the business of buying legal services.”

Roughly 90 percent of the legal budget is for mature categories of legal service, which means that there are an almost limitless number of capable firms to choose from, which means that the choice of law firm has little real impact. Here's how to have impact.