An article recently appeared in the Wall Street Journal discussing how businesses can use the old adage, "time is money" when it comes to developing their products and services. (The Wall Street Journal, Beat the Clock: How companies can use time to their competitive advantage, Paul F. Nunes, Geoffrey Godbey and H. James Wilson, October 26, 2009, p.R6.)
Although lawyers are used to thinking of "time is money" in the context of the billable hour and the lawyer's time, the article contemplates creating a competitive advantage by considering ways to save the client's time or remove unenjoyable, time consuming tasks from the client.
There has been a lot written lately about how to save clients money during this econonmic downturn, and one strategy is to unbundle legal services or to allow clients to bear the burden of taking on some of the work in order to reduce the time the lawyer spends on a matter, and therefore to reduce the fee. This may allow a client to choose the level of time they want to devote to a matter and the correct mix of time and value for them. But some clients may prefer that you do the work for them - even in the case of activities or tasks that might traditionally be allocated to clients.
Lawyers may also be able to gain a competitive advantage simply by demonstrating that they respect their clients' time. Examples of respecting clients' time include ensuring that clients do not have to wait on hold for a long time to get the answers they need; giving clients a specific time that you will speak to them (avoiding 'telephone tag'); and being ready to begin a meeting with the client on time, eliminating time spent in your office waiting room.
How else can you incorporate these time concepts into your services? Can you provide some services on a shorter schedule or respond more quickly to clients? Can you guarantee a response within a specific period of time? Can you help your clients accomplish their goals more quickly?
What aspects of your legal services provide obstacles or are traditionally time consuming for clients? Are there ways that you can modify those services to meet clients' time needs? What choices or options can you provide for your clients?
How do you use time as a competitive advantage?
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