Dont read on if you are fixated in your belief that solicitors are a profession rather than a business.
Harvard
Business School, frustrated by the lack of rigorous research, recently
undertook a statistical study of thousands of companies, and eventually
identified several hundred among them that have done well enough for a
long enough period of time to qualify as truly exceptional. This pattern
matching exercise revealed something startling: The many and diverse
choices that made certain companies great were consistent with just
three seemingly elementary rules:
1. Better before cheaper—in other words, compete on differentiators other than price.
2. Revenue before cost—that is, prioritize increasing revenue over reducing costs.
3. There are no other rules—so change anything you must to follow Rules 1 and 2.
Upon
reading this it hit a nerve as over the last 20 years I have witness
law firms compete increasingly for conveyancing work by lowering their
price. Competing on price is a race to the bottom. There will always be
providers (whether they be brokers or firms) wanting to undercut you,
albeit that the service offered may well be inferior to your offering
and standards.
For more information visit http://hbr.org/2013/04/three-rules-for-making-a-company-truly-great/ar/3
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