Because this is so wrong on so may levels and it needs to be fixed – now!
“Lawyers who were highly “overcommitted” to their work—characterized by researchers as an all-encompassing level of devotion, a sentiment reflected in recent American Lawyer surveys of partners and associates—were more than twice as likely to consider suicide than those who maintained boundaries with their work.”Lawyers who were highly “overcommitted” to their work—characterized by researchers as an all-encompassing level of devotion, a sentiment reflected in recent American Lawyer surveys of partners and associates—were more than twice as likely to consider suicide than those who maintained boundaries with their work.”
In the article Roy sets out the following two reasons for why lawyers may be reluctant to increase their rates:
Reason No. 1: Fear of Losing Business to Competitors
Reason No. 2: Fear of Missing Out on New Clients
I’m going to put it out there and say Roy is right here, lawyers are scared/fearful of both those issues.
But, and there is always a but, only if they adopt competitor pricing – where they are always looking over their shoulder to see what their competitors in the market are charging.
My own thoughts on this issue though are this: Know your product; Understand your value; and Don’t give a damn about anyone else – you don’t have competitors, you have customers; always show them the value of your service and they will remain loyal to you. Period.
Which, to be fair, is kind of what Roy is also saying. So go over and read it – it’ll take you all of 10 minutes and it’s certainly worth it.
That professional indemnity insurance might be higher for unbundled matters has long been discussed, and not without merit in my view given the risks associated with quality of work and associated scoping of that work – in other words, correctly identifying who is doing what, when.
While the sample used in the Solicitors Regulation Authority’s (SRA) report quoted heavily in Rose’s article could hardly be called #BigLaw (as I think the term is called these days), one of the comments in the report was very telling:
“Interestingly, insurance companies find there is less risk where a firm uses technology because there is an audit trail.”
While I could be wrong, I suspect that could be the case in many circumstances relating to PI coverage in unbundled matters going forward.