Law firms may need to review approach to pricing and customer service, study finds
8 November, 2017
A new industry report suggests that many commercial law firms may need to rethink their approach to pricing and customer service, as a significant number of clients feel that the legal services they receive do not represent good value for money.
Researchers from Nisus Consulting quizzed some 800 corporate clients in relation to their experiences with solicitors and law firms.
Sadly, the survey unveiled that law firms only ‘met or exceeded client expectations’ in terms of value for money in around half (49 per cent) of cases.
The report identified the most common pricing strategies and habits which are leaving corporate clients dissatisfied or disappointed.
It found that charging by the hour, failing to stick to initial estimates and failing to keep clients regularly informed of changes to estimates and the reasons behind such changes were all leaving clients dismayed and “feeling that value [for money] is poor.”
The report raised concerns that some clients felt they were “paying through the nose” and that they were not convinced their law firm was “delivering real value” in exchange for the level of fees charged.
Tim Nightingale, Founder and Director at Nisus Consulting, suggested that solicitors ought to take a more hands-on approach with their clients, offering proactive “solutions to problems,” such as changes to estimates, where applicable.
He said: “It really doesn’t matter how well a firm is judged to perform on its professionalism or its offices, however new and shiny they are, understanding what’s important to clients in general, and individually, is really the game changer and what we all need to get our heads round because service matters to clients.
“Clients want to work with people they can get on with; people who can think strategically – who can see the bigger picture for the client company and how the legal advice works in that context.”
For more information about the tax and financial services Watson Buckle can provide to clients in the legal sector, please contact us.