How to provide value to clients in 2016 and beyond

captureOur 2016 Mini-Bellwether Report explores the critical difference between value and price and looks at why the most forward-looking independent lawyers see fixed fees as the future. You can read the full report, 2016 Mini-Bellweather Report: A Question of Value on our sister site, the Business of Law Blog.

According to the report, whether you like it or not, fixed fees are increasingly looking like they are part of the future for the legal industry. As you will see in the report, and in some of the key statistics extracted below, clients love the value of fixed fees and are more likely to recommend you. For further information on fixed fees and client expectations, read the full report.

Key takeaways:

  •  43% of lawyers (especially in growing firms) also see fixed fees as an opportunity, ahead of mediation, globalisation, commoditisation and ABS.
  • 76% of those who see fixed fees as an opportunity also see themselves as entrepreneurs. They tend  to be more progressive, more open to change and  more customer-centric.
  • By their own admission, 77% of lawyers agree that ‘lawyers don’t always appreciate that they are operating in a service industry’.
  • Yet according to our research, a whopping 92% of clients on fixed fees ended up paying either roughly what they expected or less. By contrast, 63% of those on hourly fees ended up paying more than expected.
  • While 68% of clients on fixed fees said they would recommend the lawyer they’d used ‘wholeheartedly’, only 45% of those on hourly fees said the same
  • (while 48% said they had some ‘reservations’).

 

Filed Under: Practice of Law

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