Product-Market Fit: How to Make More Money by Working with Non-Traditional Law Firm Clients
Lawyers have always billed clients the same way: by the
hour. (Yawn.)
But, there’s a reason why subscription services like Netflix
flourish: it’s because of the low level of investment, and the high value of
return. People have little problem dropping $15 per month on Netflix;
but, if Netflix jacked the price up, or severely restricted the number of
entertainment offerings included, there’d be a problem. Law firms seem to
suffer from that very issue: a lack of differentiated offerings and a heavy
price point. It’s a riddle wrapped in a
mystery inside an enigma, bound up by a total
lack of imagination.
Of course, there’s a logical resolution here. If clients
think law firms charge too much and don’t offer enough services, the solution
is to charge less, and to offer more services. Sound impossible?
It’s not; and, this is the very reason law
firms are productizing their services.
What does that mean? Simply put, it means that law firms are creating
non-traditional service packages for clients at a more affordable, and often
flat, rate that is lower than standard law firm pricing. An example would
be a law firm that represents small businesses in litigation matters, selling a
litigation risk audit for a flat fee. Of course, the beauty of providing
these types of products means not only that law firms can get paid by potential
clients who didn’t have the wherewithal to hire them before, but also that
these types of products often serve as gateways to more lucrative, traditional
legal work. A small business client, then, facing a potential litigation
risk would decide between trying to fix the leaks itself, or hiring a lawyer to
help — and, if they decide to hire a lawyer, the choice becomes obvious.
Law firms can build out numerous versions of products for new
age legal consumers to purchase; and, productizing legal services across practice
areas is not only a great creative outlet for attorneys, it’s a significant
differentiator in a competitive marketplace.
. . .
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and start running your law practice like a business.
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