Marie Antoinette On Alternative Billing Fees – “Let them eat cake!”
When told that the peasants of France were so poor that they could not even afford bread, Marie Antoinette said, “Let them eat cake.” Even if scholars argue that the young queen never spoke the phrase, there is an important lesson to be learned for those who are involved in law sales. When you aren’t listening to your clients’ real needs and offering them what they’re asking for—like alternative billing arrangements–it’s going to be difficult to keep them coming back for more.
Rather than looking at client retention, client services, and practices like alternative billing arrangements that would help to grow the business, large “name” firms have focused on the reputations of their top lawyers. They are so busy leveraging their associates into high profits that they’re essentially offering their prospects “cake” rather than services that actually meet their needs.
When it comes to keeping clients, it’s the small and mid-sized firms that offer the best value. These smaller firms are looking at their current clients and their top prospects, they are embracing changes like alternative fee arrangements, and, as a result, are positioned to address the needs that are most critical.
By looking at creative law selling methods, offering alternative billing to win major clients, and learning techniques that make and keep your clients happy and adding value to your services, you’ll be on your way to business development success.
