Leak 3 – Leading with a discount

Law firms:  Making more money is easy when you stop the leaks. 

In this continuing series I am sharing 8 short blogs on the leaks I have seen in law firms where they are needlessly losing hundreds of thousands of pounds.

Law firms:  Do you know that this is happening and how much it’s costing you?

If your answer is yes, then that’s positive as without awareness, you cannot do anything about it.

However, if the answer is no, then that is very concerning.

I don’t really like being the bearer of bad news, but I have to say that in my conversations with law firm leaders over the last few years, I have discovered that this is a really common problem.

This means it is very likely taking place in your firm too, whether you know it or not!

Why do lawyers do this?

It really boils down to just a few things, yet they have a massive impact on your bottom line.:

🧿not being confident in having those fee discussions with clients

🧿don’t know what to say

🧿don’t understand their value

🧿fear-based thinking

🧿a habit

Even if you have the most up-to-date technology, this will not solve the problem.  I’m not saying don’t have technology; it’s vital. 

I’m just saying that it can’t make your lawyers do something they don’t feel confident doing.

What will you do then to solve this problem?

Will you just tell them to stop discounting?

That may work, but I doubt it.

Or will you give them training as to how to stop doing it?

I do hope it’s the latter.  If so, do get in touch.