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In this episode, Alay and Bruce discuss:
- Seeing your firm through the eyes of your clients.
- Identifying your best clients.
- Pricing your services based on the value they have to your clients, not your rate
- What your best clients have in common
- “Value” defined: what your clients can achieve because of the services you provide.
- Services priced by the hour are expenses. Services pricing by impact are investments.
- Value-based pricing, when done right, is more profitable for a firm than hourly-based pricing.
- Your best clients are easy to manage, fun to work with, they spend more money on your services, and they bring in better work.
- “A law firm looks at things in terms of the task or the work they have in front of them. The client looks at things in terms of the outcome, or what the work can do.” — Alay Yajnik
- “It’s not the contract that the lawyer drafts, it’s what the client can do with that contract.” — Bruce La Fetra
- “Law firms think of their services in terms of the hourly rate and how much they bill per hour, but those conversations fall by the wayside if they start talking about what the impact is for the client.” — Alay Yajnik
- “Now that we work with just our best clients there’s a lot less management burden. This is why I got into the business.” — Bruce La Fetra
About Bruce La Fetra:
Bruce La Fetra works with attorneys and law firms to fundamentally change how and who generates business. Focusing on their Best Clients creates a virtuous cycle where it gets easier to grow revenue, improve profitability, and shorten the sales cycle as the firm attracts more of its Best Clients.
Clients call Bruce “The Client Whisperer” because his Think Like Your Best Clients concept for positioning hands his clients a hard-to-match advantage. The Think Like Your Best Clients concept evolved from developing marketing strategy for dozens of firms and interviewing hundreds of their Best Clients over the past 20 years.
Bruce earned his BA in Economics from Claremont McKenna College and his MBA from The Tuck School of Business at Dartmouth College. He is also a trained facilitator. Bruce isn’t an attorney, but he is married to one.
Connect with Bruce La Fetra:
Connect with Alay Yajnik:
One Page Strategic Plan: LawFirmSuccessGroup.com