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How your law firm could charge higher rates

Posted by: Laurence Simons 07/05/15

A recent BTI survey of 648 corporate counsels at major US companies has exposed a 16% decline in the number of firms providing a service which is deemed worth paying premium rates for.

So what makes a firm premium rate worthy? One factor that continually springs up is the inclusion of strong customer service, and of the ability to instil the client with the belief that their money is being well-spent. Where it can be easy to just rely on a personal or firm-wide track-record that suggests that this is the case, it is becoming ever more important for lawyers to possess personable skills that convince the client that they are the correct person for the job – a quality customers in all US industries – and globally – look for before investing.

But then what does this mean for firms? At most, the point goes some way in shaping the lawyers of the future. It is becoming more and more important that legal organisations acknowledge that the client wants to invest in the lawyer as well as the overall brand in order to justify paying premium rates. So from using this data, it seems that there must be an emphasis on the quality of future applicants – to progress far in the sector, they can’t just do a great service, they will also have to be able to sell it.

It looks as though this is a – particularly interactive – skill that those entering the legal sector must develop in order to see high gains. And a skill that, if nurtured, could expose lawyers to the very best work and elevate them to the heights of their profession, as well as establishing their firm as one of the top in the market. Michael Rynowecer, President of The BTI Consulting Group, comments on the firms that topped the survey: 'They deliver a combination of skill, client focus, and outsized value; even while charging top market rates.' 

So with this in mind, are you doing enough to attract clients?