Any law firm looking for innovative, ‘out-of-the-box’ ways to retain their lawyers during this period now known as The Great Resignation could do a lot worse than take onboard a Faegre Drinker Biddle & Reath midlevel associate’s comments on the billable hour in the recently published American Lawyer’s 2022 Midlevel Associate Survey:
The billable hour is a cancer that will slowly eat away at you if you don’t get away from it quickly enough.
Issue 318 of my Weekly Digest of all things going on in #legal #strategy #pricing #vbp #CRM #clients #customers #innovation was sent to subscribers earlier today. Check it out here: https://bit.ly/3zHxRpw
If you are struggling to find an answer to that question, then can I suggest you read Mark Ritson’s column in Marketing Week from 16 Sep 2021, paying particular attention to:
The discount death spiral
And then there is the long, often fatal death spiral that follows the over-reliance on discounting that comes with time. You do it. Your competitors do it. You do it some more. Your customer starts expecting it. And then, only then, do you start to glimpse the reason why price setting is so important to marketing and business.
If you are looking for some examples of how you can build trust with your clients/customers, then there are some great tips in the latest Holden Advisors blog post – ‘What Leaders Can Do to Build Trust‘.