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Beware temptation: Is low-cost volume work right for your law firm?

Taking on low-cost volume work without a suitable business plan may put your whole firm at risk, says Guy Vincent

14 March 2013

 

Clients are putting us all under pressure and many now demand that routine work is delivered at a far lower cost. It is tempting to agree to these demands. It is also tempting to persuade yourself that, if you do enough of this work at a lower cost, you will make the same profit that you used to make from a smaller volume of that work. This is a very risky strategy.

It does not follow that your cost base can generate the same profit by doing more of the same work at a lower charge to the client. Some partners, fearing the loss of clients, may whisper in your ear that the firm must accept a loss on some work to keep clients happy. Beware these siren voices. If you take on work as a ‘loss leader’, you will find that your business is on a slippery slope.

Before giving in to temptation, take ?a blank piece of paper and h...

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