Consideration was given for the editing and publication of this post.
In this increasingly competitive legal landscape, firms are on the look-out for new ways to attract and keep clients. Our recently published report, ‘Standing out from the Crowd’, offers insight into what in-house lawyers value the most.
Among the 200 in-house lawyers we surveyed, price got a score of 7.5 out of 10, making it the fourth most important factor behind responsiveness, an understanding of clients’ business and industry and possessing specialist expertise.
Two words were key when it came to law firm pricing: transparency and creativity.
Some 97% of surveyed in-house lawyers value transparent pricing. Transparency creates certainty about what the final legal bill will be. Many in-house teams frequently state that cost certainty is more important than the final cost itself.
Cost certainty aside, our series of interviewees frequently mentioned that creative and bespoke pricing structures truly distinguish firms.
At a time when the pressure on law firms and in-house legal teams to do more with less has never been greater, it is more important than ever for lawyers to have the tools to deliver the right answer to their clients in a cost-effective way.
Thomson Reuters Practical Law and Westlaw UK provide trusted answers, which are comprehensive, up to date and precise. Giving lawyers the confidence to take the right action – quickly and accurately.
Find out how Practical Law and Westlaw UK can help enable you to engage clients with transparency and creativity today: tr.com/confidence.