The legal category is a buyer’s market, clients today have more power than many of them realize. However, client must be strategic about getting law firm to be more efficient, more cost-effective, more transparent or whatever else is the client’s goal. In the Buying Legal Council‘s most recent Legal Procurement in Brief conference call Ken Grady of Seyfarth Shaw recommended enticing firms to change through a benefits-for-change strategy (“what’s in it for them?”) rather than threatening with negative consequences.
When negotiating with firms, be aware of what motivates the firm, Grady said. Does your work fit the firm’s strategic plan? Are you a “dream client” for them? What drives a firm to take on low margin commodity work is not the same as what attracts another firm to high margin bespoke work. Clients today have the most opportunity to drive change for middle-range work as many firms are still trying to figure out how to succeed in this highly competitive market.
Members of the Buying Legal Council can access the Cheat Sheet “How to Get Law Firms to Changes” here.