When it comes to competitive pricing, both clients and law firms are more and more focused on quality. That sounds good, but how can quality best be represented in actual metrics? While quality is a degree of excellence, what makes that degree marketable enough so that customers can swiftly leverage metric "facts" as a guide in the counsel selection process? Furthermore, how can these quality metrics be leveraged to delineate themselves from one another? The goal should be to highlight experience as an actual quality success metric rather than just attractive pricing.
Alternative pricing is here to stay, and so is the focus on discounting and competitive rates. In the pricing world, trends are emerging related to sourcing opportunities, where in some instances pricing bids are made almost too attractive through extreme discounting, resulting in unrealistic bids. Best practice business growth leans toward gaining market share, but this can strain quality and stress relationships. On pricing follow-up discussions with clients or through regular client outreach, we often learn that the time put into doing the work by the winning bidder is actually several times greater than what it would have taken the moderately more expensive firm. What does this all mean? Clients are learning that accepting the lowest bid does not always mean the best result, in terms of cost and quality.
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