Summary
Expect to learn that the transition to a value-based pricing approach requires you as the lawyer to separate the behind-the-scenes input thinking on pricing from client conversations, allowing for intentional value-based discussions that focus on client needs and reasons for engagement.
3 Key Takeaways from this Video
- Separate input thinking from value-based conversations: By separating the behind-the-scenes input thinking on pricing from client discussions, legal professionals can engage in intentional value-based conversations focused on understanding client needs and motivations.
- Utilize technology for pricing analysis: Utilizing a tech product like AltFee enables legal professionals to input various factors and continuously update pricing in the background, allowing for more accurate and informed pricing decisions.
- Be curious and ask relevant questions: During value-based conversations with clients, it is important to ask questions that delve into their motivations, timing, and specific requirements to gain a better understanding of their needs and provide pricing tailored to their unique circumstances.
Transcript
0:07 So I believe the way that you become a more value based pricing firm and more client focused is to do the thinking behind the scenes.
0:20 I like to break it out into my conversations with my clients like one way, but I'm doing all the work on pricing behind the scenes.
0:28 And, and so AltFee the way that works is that you have different types of projects and you have different factors.
0:36 Some of them are value based and some of their input based. And you, you put the project into AltFee, you create the price and you continually update the factors and the pricing in the background as you learned.
0:51 But then when you go and have the conversation with the client, that's where you're interested and curious. It's value based, you're asking questions like why do you want me to do this?
1:00 You know, why do you want me to do it now? Why me? And so you have to, I believe to be really effective.
1:07 You have to do the input thinking completely separately and not let it creep into your conversation with your clients. So as an example, they say, well, what about if this is required?
1:19 The temptation will be to say, well, that's going to take me X amount longer. What you have to do is you have to move that over to the side.
1:26 You have to understand that, rely on the tech product. To get you to do your thinking, but then have a conversation around like, oh, I can see why that's important to you.
1:37 That's going to really be helpful. Okay, let me price around that. So I think it's dividing it in your brain, which you have to be very intentional is what allows you to be very value based in your orientation and your discussions with your client.