Frank Fee - Why it is so good for the client!
Welcome to this month's article of Let’s Be Frank, a monthly newsletter series hosted on LinkedIn and authored by our founder Digby. If you are interested in following along pop over to the Let’s Be Frank LinkedIn page here and hit the subscribe button to have these articles sent straight to your inbox.
I have written a lot about why our approach to pricing legal services is good for all three stakeholders (the firm, the paralegals and lawyers, and the clients). In this article, I am going to focus solely on the clients. Below is my list of the benefits (which clearly overlap but might resonate in a slightly different way):
Collaboration 🤝 (the act of working with someone to achieve an objective).
When pricing is all about reaching an agreement between lawyer and client, it naturally becomes much more collaborative as you navigate scope and price in your discussions. Working together creates a “partnership”.
Alignment 📏 (which actually means adjusting to be in a straight line).
In today’s world it is used more to suggest that two or more parties are heading in the same direction (presumably in a straight line. From the perspective of carrying out a legal matter, it means that two or more parties are on the same page and navigating their way “as one”. Removing the friction of billable hours favouring the lawyer and being resisted by the client facilitates alignment.
Price Certainty 💰 (certainty is to have complete confidence in something).
This is perhaps trite but anyone in their personal or business planning would much rather know what it will cost as opposed to having the uncertainty as to how it might turn out. This facilitates budgeting and cash flow management.
Communication 📞 (which is the exchange of information or ideas).
This is all about the flow of information. Often the failure to share one piece of perceived innocuous information can have a significant impact on the result. The failure to communicate causes misalignment and is inconsistent with a collaborative experience.
Relationship 🔗 (the way in which two or more persons connect).
When price is put behind you and you are jointly focused on a single objective, you tend to build a stronger connection which can only lead to a better result. Would you prefer to work with an advisor who you “like”?
Options 🎛️ (having choices available).
Because scoping is not a science but rather an art, you are more likely to explore options as to how to get to the desired result. In some cases, this will plain lead to better choices. For any project type, there is not just one path of getting there and different things are important for different people.
Better Result 🏆 (which is the outcome).
See above. It is important what you achieve. Working collaboratively, in alignment, with a great relationship in which you are constantly communicating and exploring all options, will lead to a better result.
Until next time!
-Digby
