“You get what you pay for!” presumes that the price of something usually equals its quality. If you can take it out of a box, hold it, and use it, you can usually get a sense of its value and if it was a good deal.
However, defining “value” when it comes to the delivery of legal services is much more elusive. The line between a law firm’s billing structure and the value clients place on their output doesn’t always align. That leads me to this question: how can lawyers begin to deliver value to clients when they don’t understand their personal or business objectives and challenges in the first place?
Results-based assistance vs. time
Consumer preferences are continually evolving, but adapting to a world that is still dealing with a pandemic has generated new client demands and expectations within the legal ecosystem. And firms that have built resiliency into their operations — through technology, processes, communications, or otherwise — will be better prepared to rise to these challenges.
At this year’s The Future is Now: Legal Services conference, I will talk to Professor David B. Wilkins of Harvard Law School about why lawyers must recognize this change and prepare to deliver value from the client’s perspective and in a new economy.
This means the value an attorney provides can’t only be through legal counsel, but also through leadership and innovative solutions to client problems. Basically, clients want results-based assistance rather than paying for time.
To achieve this, lawyers and clients must reach an understanding of what value looks like from the onset. Firms that are entrenched in traditional models may struggle to achieve this, but those who embrace the change in mindset and skillset will reap the benefits of the next generation of legal consumers.
Matching metrics to value
The importance of a good or service can vary greatly in the eyes of those acquiring it. In legal, solving a problem, mitigating a risk, or executing a transaction are simple ways that attorneys can demonstrate their value to clients.
However, measuring that value in terms of how legal services are delivered (e.g., responsiveness, promptness, efficiency) is less obvious. And, with the broad availability of technology that can make the delivery of legal services faster and more efficient, today’s clients are prioritizing these vague metrics.
At The Future Is Now, Greg Lambert, Chief Knowledge Services Officer at Jackson Walker, LLP, will teach attendees how to set metrics and quantify the value of the services they deliver, both inside and outside your organization.
As clients turn to the profession for results-based services, Greg will help attendees evolve their practices to prioritize value-driven opportunities, realigning performance standards and cost-effective outcomes.
The Future is Now: Legal Services will be held virtually on April 21, 2022. View the agenda and full speaker lineup here.
Registration is open, but time is running out to save your seat!
Attendees are eligible to receive 4.0 hours of professional responsibility CLE credit in Illinois (3.0 hours of professional responsibility CLE and 1.0 hour of diversity and inclusion CLE).
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