Product-Market Fit: How to Make More Money by Working with Non-Traditional Law Firm Clients
Lawyers have always billed clients the same way: by the
hour. (Yawn.)
While that option is good for law firms (hello: uncapped billings), clients often chafe at the model, because $— x however many hours the lawyer decides to work is a little bit more of an investment than, say, a Netflix subscription.
But, there’s a reason why subscription services like Netflix flourish: it’s because of the low level of investment, and the high value of return. People have little problem dropping $15 per month on Netflix; but, if Netflix jacked the price up, or severely restricted the number of entertainment offerings included, there’d be a problem. Law firms seem to suffer from that very issue: a lack of differentiated offerings and a heavy price point. It’s a riddle wrapped in a mystery inside an enigma, bound up by a total lack of imagination.
Of course, there’s a logical resolution here. If clients think law firms charge too much and don’t offer enough services, the solution is to charge less, …
While that option is good for law firms (hello: uncapped billings), clients often chafe at the model, because $— x however many hours the lawyer decides to work is a little bit more of an investment than, say, a Netflix subscription.
But, there’s a reason why subscription services like Netflix flourish: it’s because of the low level of investment, and the high value of return. People have little problem dropping $15 per month on Netflix; but, if Netflix jacked the price up, or severely restricted the number of entertainment offerings included, there’d be a problem. Law firms seem to suffer from that very issue: a lack of differentiated offerings and a heavy price point. It’s a riddle wrapped in a mystery inside an enigma, bound up by a total lack of imagination.
Of course, there’s a logical resolution here. If clients think law firms charge too much and don’t offer enough services, the solution is to charge less, …
