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Law firms that proactively focus on delivering value beyond the cost of their services stand out from their competitors. The challenge is maximizing that value to secure client retention for the long haul.
This requires understanding how your clients assess your firm’s worth. Creating a value proposition, education, and communication are the keys to making this happen.
1. Create a Value Proposition
The first step to maximizing the value of your lawyer services is to create a unique value proposition (UVP). Your UVP should identify what makes your company different from other competitors and what the main benefits you provide to clients are.
Creating an effective UVP takes time and effort, but it’s a critical part of marketing your business. It’s also a great way to position your firm as the right choice for your target audience.
Your UVP should be focused on the needs of your ideal client and describe how you will meet those needs. This will allow you to communicate the specific value you offer your clients and increase conversion rates.
A good way to start is to research your competition. Doing so will help you understand what they’re offering and how they can best compete with your firm.
2. Educate Your Clients
Educating your clients about the value of their legal services can make all the difference in terms of attracting the right types of clients to your firm. It may also help you avoid clients who are not right for you in the first place – and save you time, money and stress down the road.
One of the most obvious ways to educate your clients is to provide them with a comprehensive list of services and options. This will include information that is relevant to them based on their specific needs, such as their budget and preferences.
Another way to teach your clients about the value of your services is by educating them about the best ways to get your lawyers’ worth for their fees. This can be as simple as sharing legal developments and best practices with them. Or it could be as complex as developing a customized legal plan that works for your clients’ needs.
3. Communicate Your Value
If you want to increase your law firm’s value, you need to communicate that value in credible monetary terms. For example, if you are trying to get a client to buy into your litigation services program, don’t just say that you offer a money-back guarantee; clearly communicate how it will benefit them.
Likewise, don’t just say that you’re an expert in legal services; explain how your expertise and experience will make their business better.
In the legal industry, clients often say that their goal is to find the best value from their attorneys – not just the best rates.
Using analytics to track your department’s performance against business goals, such as accelerating the contract review process, can help you provide that value. Incorporating key metrics into your reporting is essential, and using an ELM solution to support this can make it simple and efficient.
4. Involve Your Clients
If you want to maximize the value of your lawyer services, it’s important to involve your clients in the process. This will help you build trust, improve the client-lawyer relationship, and make the most out of your time with them.
During the initial consultation, ask clients what they expect from you. Some common expectations include a commitment to using technology efficiently and effectively, an openness to innovation, and ethical conduct.
Identifying those expectations and setting them in stone can be a crucial part of the process of maximizing the value of your lawyer services. It will also allow you to focus your marketing efforts on specific areas of law that you know have a high demand in your market. This will ultimately help you grow your practice and create a long-term client base that can be beneficial for years to come.