All businesses benefit from diversity of both skill and perspective and Validatum® is no exception. So at our request some of the profession’s leading lights in their respective fields have graciously agreed to associate themselves with and support what we are endeavouring to do to help the private practice arm of the legal profession. We are indebted to them, and our client offerings are the richer for their input.
Latest Articles and Events
Are Clients Willing to Pay More When Defending a Claim? Understanding Loss Aversion and Its Impact on Legal Fees
When it comes to litigation, law firm clients usually face two distinct scenarios: defending a claim or pursuing one on behalf of their client. While both situations require legal support, clients might approach each with a different mindset—particularly when it comes to the fees, they're willing to pay.
An interesting psychological concept known as loss aversion helps shed light on this phenomenon and offers valuable insights into how clients might view legal fees differently depending on whether they’re protecting against a loss or trying to achieve a gain.
The Myth of the "Single Price" in Legal Services: A Closer Look at Market Dynamics and Profitability
Lawyers often justify accepting lower fees for their services with the argument that "there is a price in the market for a job like that." This rationale suggests that deviating even slightly from their perception of the market price will result in losing the work altogether.
However, the notion that there is a single, immutable price for a particular type of legal matter is more myth than reality. In truth, the market for legal services, like any other market, is characterised by a range of acceptable prices rather than a single fixed figure.
The Hidden Costs of a Lax Law Firm Culture
Law firm culture is usually discussed in positive terms of competitive advantage, collegiality, empathy, mutual trust and support. I could retire comfortably if I had a £ for every time I have been told that, “this is a nice place to work, everyone gets on, that is the most important thing, we don’t tamper with the firm’s culture”.