Lawyers can charge premium fees if they demonstrate that they understand their client’s business – according to a new beatonbenchmarks™report, as George Beaton, Executive Chairman of Beaton Research + Consulting recently detailed.
As the study outlines, 80% of clients are open to choosing a more expensive B2B legal services provider when those firms demonstrate their value.
42% of those surveyed said they appointed a more expensive firm because that firm understood their business and industry. And 29% of respondents appointed a more expensive firm as a result of the commerciality of their advice.
The study concluded that: “If your firm wants to compete on value and justify premium pricing, you need to demonstrate that…you really understand the client’s business, what they want to achieve, and their strategic issues.”
How to transcend your competitors
Lawyers and law firms should pay close attention to the message contained in this beatonbenchmarks™report and act upon it. Taking a very long-term view of your legal business – it’s important to conduct precise research into who your ideal clients are – what are their commercial objectives (update this constantly) – where can your services be tailored to help those clients – and then engaging with those clients proactively and individually about how you can help them achieve those objectives.
Rather than waiting to participate in tenders – be in contact months before a potential bespoke engagement of your firm. In my experience, clients will retain firms who contact them proactively to provide commercial intelligence and solutions – which with your help – they can achieve. At this point, the legal fees your might charge for your services are less important than the commercial value of the insight and intelligence you provide.
Lawyer Business Development Coaching
I help lawyers develop their capabilities to provide commercially astute value to clients which permit higher legal fees to be a non-issue when being engaged by those clients — via one-on-one video or audio coaching sessions. My experience includes hundreds of face-to-face meetings with prospective clients on behalf of law firms – where I helped clients realize how lawyers can help them achieve their commercial objectives. These meetings first required me to identify client needs – reaching out to those prospective clients and securing meetings with them on behalf of my clients and succeeding in securing those meetings. And shepherding those relationships to becoming new client engagements. For more information about how I might be able to help you build your law practice, please complete the form below and I’ll contact you promptly.
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