The three things that create value for clients jumped out at me during the excellent 2015 APSMA conference 'Reframe the future' in Sydney on the different market forces, challenges and opportunities facing professional services. (more…)
Question: the terms ‘personal brands’, ‘product differentiation’, and ‘brand purpose’ are most likely to be heard:
(a) at a client meeting with a marketing consultant; or
(b) in a strategy committee meeting at a law or an accounting firm?
The savvy reader will have spotted the trick question.
In March each year since 2005 the Client Choice Awards have celebrated truly outstanding professional service firms, and now for the first time are also celebrating outstanding professional practitioners.
In this post Keith Dugdale, one of Australia's leading consultants on how teams and organisations improve the trust they have with their clients, captures the insights of three of the outstanding professional practitioners who won 2015 Client Choice Awards. They share their views on what it takes to be voted by clients as the best of the best. (more…)
Beaton's research amongst 10,000s of clients of professional services firms over the last 10 years shows that perceived price is positively correlated with the value perceived by clients. Yes, that's positively correlated. In other words, the higher the price, the higher the value perceived by current buyers users of the service.
In these days of enormous price-down pressure on every firm in every profession, this finding – that perceived price is positively correlated with perceived value – warrants repeating. And explaining. And testing. And learning to use in practice. That's because it's seems at odds with everyday experience of firms. (more…)
More on the importance of cost consciousness in law firms was added to the discourse last week in George Beaton's video interview with Australasian Lawyer.
Building on Mel Anderson's great post on why cost consciousness is valued by clients, in the interview George re-states the 'incontrovertible evidence' that cost consciousness plays a greater role than price in how clients perceive the value they receive from their law firms.
“If not, be prepared for the possibility that Chicken Little was right” is Pam Woldow’s punch line in her post dated April 3, 2014 (1).
You’re spot-on Pam, I thought as I read her reflections on five observations about the trending strategies and cultures of firms with a BigLaw business model. The trends to which Pam refers are mainly internal, but there’s an external environment aspect to this story too.
This post adds a sixth, massively important external trend not previously reported in the public arena. The trend is based on hard evidence sourced from the most important stakeholder in BigLaw firms – their clients. The probability that Chicken Little is right just got a whole lot larger. (more…)
We recently received a most welcome testimonial for Beaton's pioneering research into cost conscious, but it's not only law firms that will benefit from being more cost conscious.
In a March 24, 2014 interview with Australasian Lawyer, Herbert Smith Freehills’ Australian managing partner Jason Ricketts is quoted as saying “We just haven’t stopped on cost consciousness, and our rating has improve again this year”.
Here's yet more evidence why cost consciousness is valued by clients and profitable for law and all other professional services firms. (more…)
"It's a bloody metaphor for law firms that don't get it" was my response to the interviewer on Sky Law TV earlier this month. And "There are huge opportunities for firms that do". Here's the full interview, the evidence, and why I said this. (more…)