Will the legal profession survive as it is?
Larry Bodine suggests that law firms that survive today’s economic crisis will:
- Have “customers” not “clients.”
- Offer flat fees per project or per procedure.
- Have rates that are markedly lower than in 2008.
- Will routinely produce budgets for all legal work.
- Be run like real businesses, which know their costs, can calculate a profit margin, and offer customers “just in time” services at the best price possible.
- Realize that customers are fickle and expect personalized service.
- Have lawyers that fly coach and stay at cheap hotels near the client’s offices, instead of the Four Seasons 5 miles away.
- Have lawyers that know their clients business, their goals, strategies and objectives, and work to help the client make more money or cut their costs.
I have been talking about the difference between clients and customers and patients and customers for a long time. I’m glad that Larry’s first point on his list is the same. Why should this be so important? Because not all of us are clients; we all are customers. Therefore, we can relate. There was a hit movie years ago where a mean doctor was a patient. Only after his experience did he have more compassion for patients and changed his ways. Today, medical schools are required to teach doctor-patient relations. When will law schools do the same?Tags: Management
Categorized in: Management