Law firms are reporting that clients are becoming more fee-sensitive, thanks to the economic gloom - winning work at the right price is becoming harder. So how do you handle fee resistance and negotiate the right deal for the client and your firm?The first obstruction to successful fee negotiations is often the mindset of the negotiator. Those who lack confidence in their fees and/or do not see the value in their proposition tend to be less successful than those who do. In a recent workshop, we met a lawyer who said he "struggled to close deals". In the session, it became clear that his lack of confidence coloured his whole approach to client meetings. He really believed clients were fee-resistant and everything they said seemed to reinforce his view; his lack of confidence was palpable. In contrast, one of his colleagues was very successful at fee negotiations. Her confidence was evident and she knew how to handle fee resistance.
July 30, 2008 at 08:08 PM
1 minute read
The original version of this story was published on Legalweek
Law firms should not be afraid to broach the subject of fee negotiations for fear of clients baulking at the mention of money. Paul Denvir and Paul Matthews offer advice on how to close a dedal with confidence
Law firms are reporting that clients are becoming more fee-sensitive, thanks to the economic gloom – winning work at the right price is becoming harder. So how do you handle fee resistance and negotiate the right deal for the client and your firm?
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