Transparent pricing is a “hot topic” in the legal industry further to announcements made by the SRA and CLC earlier this year.
There is undoubtedly some opposition from law firms despite 75% of solicitors agreeing they need to change traditional ways to meet growing client demands. So why is transparent pricing so important?
Evolvement in technology is the simple answer. Clients are now accustomed to immediately obtaining most of the information online before making their decision. They are familiar with price comparison tools and receiving service outside of normal 9-5 business hours. If your firm can’t provide the answers at the time they are visiting your website, which is usually after hours or on the weekends, then you will lose new business to the firm who can.
80% of solicitors highlighted that attracting and retaining business is one of the significant challenges faced by their firm. With over 700 new firms starting every year, it is important for the firms to take advantage of every opportunity. Over 80% of consumers conduct online research before making any buying decisions. If your firms’ website doesn’t act as a sales and conversion tool, then you are potentially missing out on a lot of new business. A website is no longer just a business card for your firm, it is a sales conversion tool.
The firms who are thriving in todays market are the ones who are taking advantage of the new client demands and making changes accordingly. These firms are giving clients the ability to obtain an immediate price via the website whilst providing complete transparency of service to their clients, from start to finish. Transparency provides value and builds trust, which increases repeat business as well as client referrals. Perfect Portal clients on average convert over 70% of their new business as clients have all the information provided when they want it. They no longer need to wait 2 days to receive a quote or a follow up call to receive the information they want.
Now is the time to embrace price transparency and to consider what you need to do to take advantage by winning more new business. Law firms must start considering how they can give clients the tools throughout a transaction. After all, the same report says 97% of solicitors believe that client-first culture is important and that means improving service transparency and communication.