How Lawyers Demonstrate Their Value: A Proposed Analytic Framework
"Value" has been a recurring theme in the legal industry where lawyers, whether in law firms or in-house, are now asked to explain, differentiate and quantify the value of their advice and services.
Defining the “value” of legal services is complex. Indeed, when developing “value-based” fee arrangements, offering “value-added” services or creating incentive-based/outcome based engagements, the concept of value is nebulous, variable and amorphous, leaving clients and their lawyers with a moving target against which to assess the value of legal services. Asking any legal professional to explain, quantify or differentiate his or her value without context, metrics or even a baseline analytic framework is a fool’s errand and, basically, unfair.
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