Editor's letter: Refining appreciation
Deconstructing legal services can help with increasing their value to clients, suggests Manju Manglani
Determining value is a difficult business. While we have the four Cs (cut, clarity, colour and carat) to grade individual diamonds, no such rule of thumb exists to measure the value of legal services.
Some may argue that you cannot quantify the value of advice rendered (although the final bill presented may suggest otherwise). But, much like a diamond, each of its key components can, with the right toolkit, be identified and assessed. In the increasingly competitive legal market, law firms are being forced by clients to do just that.
This month, we look at how law firms and general counsel can deconstruct legal processes to better understand the value of each aspect of the supply chain.
It’s not necessarily about reducing client costs – although that may be a motivating factor. Rather, it’s about ensuring the jewel of legal services is fully appreciated. Part of that process is finding out what the client really needs.
Beauty may be in the eye of the beholder, but remember that it is the relationship behind the diamond that determines its true value to the recipient.
Until next time,
Manju Manglani, Editor
mmanglani@wilmington.co.uk