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Category Archives: Fee Negotiating
Matter Profitability – Plugging that Leaking Sieve
The maxim says “Failing to plan is planning to fail!” Yet how many of us consciously plan our matters? Clients ask us how much a matter will cost. And in effect we guess! The big danger in that approach is … Continue reading
Masterclass: Fee negotiation and pricing for law firms – 12 March, London
The brochure from ARK, the Masterclass sponsors, says about this Masterclass: “A recent study has found that the UK loses £17 billion per year through bad negotiation. With an increasingly competitive legal market and clients looking for more cost certainty … Continue reading
Take the Time Recording Challenge
You can’t bill what you don’t record! Most firms recognise that the largest source of leakage of chargeable time is the time that should have been recorded but wasn’t. Take this test to see what you would record. The answers … Continue reading
Lawyers – Don’t Focus on Selling – Help Buyers Buy!
I think it’s a shame that most law firms feel uncomfortable using the word ‘selling’. But I can understand their reasons. After all, there’s lots of empirical evidence that suggests that it’s more effective to focus on helping the buyer … Continue reading
Posted in Business Development and Selling, Fee Negotiating, Networking, Strategy
Tagged BD, Business Development, buyer, buyer-centric, Lawyer, needs
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What Lawyers Could Learn about Client Relationships …..from Psychologists
We tend to think that we’re rational and have a logical basis for making decisions. Behavioural psychologists show that we’re wrong if we think that. How can lawyers benefit from greater insights into the strange workings of clients’ brains? Kahneman, … Continue reading
The Art of Asking for Referrals – The Power of Word-of-Mouth Marketing
Asking for referrals is probably one of the most effective business development activities. It costs you nothing and yet can have a hugely positive effect on your income stream. It seem obvious to me that it’s so much more powerful … Continue reading
Posted in Business Development and Selling, Fee Negotiating, Networking
Tagged follow up, marketing, objections, referrals, word of mouth
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Five Ways to Improve Matter Profitability
Given that legal markets are getting tougher, I think firms could do more to manage and improve the profitability of matters, as well as improve client service. Here are six suggestions. 1. Review profitability by type of work Most … Continue reading
Managing Matter Economics – or Leaving Profitability to Serendipity?
Firms seem to have an annual budgeting process that works for them. There might be lots of to-ing and fro-ing, but a budget for the firm gets produced and partners get a sense of what profit they’ll earn by the … Continue reading
Posted in Fee Negotiating, Leadership and Management, Managing Change
Tagged economics, matter profitability, pricing
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How to Re-negotiate Fees Without Upsetting the Client
It can be a real jolt to a client if fees charged differ from fees expected. Imagine how the contact in the client organisation looks to their boss when they have to say, “Sorry. I got it wrong. We’re going … Continue reading
17 Ways to Improve Fee Negotiations
A cross between bingo and voodoo was how a university professor recently described the approach of most service providers to fee negotiation! This got me thinking about professional firms. With clients looking for more cost certainty and alternative billing structures … Continue reading
Posted in Business Development and Selling, Fee Negotiating
Tagged fee negotiation, Law firm, pricing
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Tony Reiss 
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