If you lower your price, more people might engage your services. But with more customers, will you be able to effectively service them? Will you need more support staff? Will you become overwhelmed and start missing deadlines? Will you be able to provide the standard of legal counsel that you are happy with?
This week The New York Law Journal featured a great piece, “A Practical Approach to Legal Project Management”, making a compelling argument that LPM is more than a fad, it’s a trend. We completely agree with the authors that downward price pressures on legal services and alternative fees are driving the need for law firms to become more efficient.
Think you know your legal trust accounting rules? A flat fee is **not** a non-refundable fee. Nor can you artificially front-load all of your work. You have to legitimately earn the money.