Leak 7 – Discounting at the end

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: Stop the madness – every year, law firms up and down the country are losing hundreds of thousands of pounds because their lawyers are discounting final bills.

 
Even if it’s only £10,000 per fee earner and you only have 10 fee-earners, that’s £100,000 pure profit, isn’t it?

 
And if you have 100 fee-earners, that’s a cool million.

Gone, never to be seen when it could have been yours.

Imagine that another million on your bottom line would do for your firm.

What could you do with that?

There are many behaviours which cause them to be losing money as you can see in the previous 6 posts about leaks.

🟣Do you have any idea how much they are discounting? Work out your own figure if you can. Make sure that you’re sitting down, though.

Are you happy with that? Surely the answer must be a resounding no!

🟣When they are discounting?

🟣How frequently they are discounting?

🟣And why they are discounting?

The question I am particularly interested in is WHY they are discounting.

Let me tell you a story about a client I worked with. He is a Senior Partner in a law firm.

💧His discounting habit was to knock £200 to £300 off every hourly rate paid invoice.

💧No discussion with the client.

💧No rationale behind it. Purely a knee-jerk, emotional reaction.

💧We worked out that he was probably losing around £16,000 a year just from this one behaviour.

💥I helped him to understand the value of the work he was doing for his clients.

💥I helped him to uncover the reasons why he was discounting.

 
💥I changed his perception.

💥He stopped discounting.

And I can achieve these sorts of results (and more) in my group training and coaching programmes too.

If you’re scratching your heads wondering how on earth you can solve this problem, then it’s simple, just get in touch with me.