In an article from today’s Corporate Counsel web site, Catherine Dunn asks, “Can Outside Firms Get Over the Discount Mentality?”
Susan Hackett, the CEO and CLO of Legal Executive Leadership, summarizes the conclusion of the article:
The article concludes:
So the real trick for a firm isn’t offering discounts on rates, but hitting the reset button: Figuring out what its distinguishing values are, what it does best, and what it can do profitably. “Too many law firms expanded into areas of practice because there were gluts of work in those areas of practice”—like financial services or environmental law—”even if they weren’t necessarily the best provider.”
Lombard & Geliebter has adopted this philosophy since its formation. We are a boutique firm that focuses on our core competencies, namely, intellectual property. Additionally, we leverage the latest technology to reduce costs and expenses for us and our clients. By doing so, we can reduce the time spent on client matters and the time spent on administrative tasks. Similarly, we encourage our clients to accept most documents digitally. This reduces the costs associated with copying and printing large documents and reduces client’s expenses for postage. It is also an environmentally sound practice. Indeed, some our our clients save thousands of dollars per year by foregoing receipt of non-essential documents by mail.
Lombard & Geliebter prides itself on working with clients to achieve their goals – whether those goals relate to their IP portfolios or trying to reduce their outside legal costs.
We agree with Ms. Dunn: The question corporate clients should ask is not “How much of a discount am I getting?” Rather, the question should be: “Am I getting an excellent value for my money?”
Lombard & Geliebter offers its clients an excellent value for the money.
If you have any questions, you may contact us here.