Secure Your Worth: The Value of Specialization
The annual Marketing Partner Forum, held in Naples, Florida, brought together managing partner, marketing partners and senior business development professionals to examine how attorneys and law firms can stay relevant in a very crowded marketplace by providing greater value to clients.
A recap of six of the sessions follows along with the key takeaways. I’d welcome feedback or further discussion.
The focus here was on the value of specialization versus firms that try to be a “one-stop shop” for all of a client’s legal needs, and in particular how specialization can affect pricing.
Tips for attorneys include:
- Declining work when it makes sense to do so.
- Focusing decisions on price points.
- Turning down even those clients with whom there is an established relationship, if necessary to maintain pricing.
If a long-term client tries to negotiate a lower rate, attorneys are advised to demonstrate value and stick to their guns rather than accepting the lower rate for the sake of preserving the partnership.
Finally, the panel discussed the correct approach to growth strategies, which should be client-driven and based on direct client feedback. Once the strategy is in place, a long-term plan can be devised. This allows the attorney or law firm to move forward confidently, secure in their own worth.