how to productize lawyer services

Building legal products can be done by standardizing client deliverables, usually through document automation, chatbots or "robot lawyers", allowing those deliverables to be scaled, marketed, and sold like products. While services are usually delivered in a bespoke manner, attorneys can build a single software tool and sell it at scale.

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Should a professional services firm turn a tool into a product?

A professional services firm may sometimes find it advantageous to turn a tool into a stand-alone product and then spin it off and sell it. However, after creating such a product, the company will almost always return to the business of providing a service. This observation brings us to the final stage in the product-creation process.

Should you productize your services?

However, the goal of productizing your services is to scale your business and make more money, and you can't do this if you're trying to customize services for every individual customer. You can see this concept in action in the restaurant business, where having an overly complicated menu can actually lead to low revenue.

How can law firms improve client service?

Law firms should empower these employees by giving them the authority to make suggestions, even if anonymously, for improvements in client service. It should be made clear, too, that such suggestions will not lead to punishment, nor will reporting instances of substandard service.

What is a product in a professional services firm?

In a professional services firm, a product is created when some aspect of a service is automated, infused with analytics, and monetized differently. This involves systematizing the service, leveraging data to improve it automatically, and then changing the method of payment for the resulting improvements.

What is productization in marketing?

Productization is the opposite approach. Instead of creating a unique solution for each buyer, you create the same solution applicable to all of your buyers. Instead of an intricate, custom service — you rely on the same process. This process — or series of steps — delivers the same outcome for each client.

Why do you charge more for hand on services?

Because you’re working “hands-on” with the client with these types of services, you charge more to make up for the amount of intricacy and attention given to the client. With a productized offer, there is less time intensity and intimacy involved in the project. That means you’re generally charging less.

Can a lean productized service be customized?

A lean, well-built productized service won’t suck up your time and turn into a customized service. Of course, you can’t escape the risk of your clients asking you for more customization with the productized service you’re offering. But just because they ask, doesn’t mean you should say “yes”.

What is productizing a service?

Productize definition according to Investopedia: “Productize refers to the process of developing or altering a process, an idea, skill or service to make it marketable for sale to the public. ”.

How does productization help you?

As I hope it is evident by now, productization can help you serve more customers — it can help you get more new clients. When you scale, it’s only natural that you are going to get new customers for your productized service. People who know what they need and how you can help them.

Why is productizing important?

One of the most important benefits of productizing a service is that it allows you to scale your small business. What you need to understand is that when you are productizing, you are getting away from serving everyone. This means that you are going to narrow down your targeting —.

Can B2B services be productized?

The truth is that almost every B2B service can be productized. In the previous chapter, you show how you can productize your service following a step-by-step process. If you are still wondering how to scale your business, then it’s good to take a look at these professions that can easily be productized: Web design.

Who is Brian Casel?

As Brian Casel, Founder at Audience OPS — a done-for-you content creation service — puts it: “The great things about a productized service is that you don’t have to invest in building a software, you can actually start collecting revenue and delivering the service immediately.”. Image Source: Brian Casel on Twitter.

Does customer base increase revenue?

As you can imagine, the increase in your customer base will cause an increase in your income — an increase in your revenue. This is not always the case with service businesses. Keep in mind that when you are productizing, the metrics and terms you are using to measure your success are different.

Is productization a new concept?

Productized services is not a new concept. In fact, many businesses are using productization as a way to scale and grow. Chances are that you have even used one of these services for your own business.

Can you offer everything on the list?

These are all excellent and useful skills to have, but you can’t offer everything on the list if you want to productize your services. Instead, pick a couple you’re great at and ditch the others. This can be tough to do. As a service provider, you’ve worked hard to perfect your knowledge.

Can you sell time and access?

Actually, no. When you sell a service, you sell time and access. It’s a finite resource, but you can tailor your services to assist just about any client who walks through the door. A productized service is different.

1. Learn From Other Companies

Zappos is a great example of a company that offers stellar customer service. Zappos makes it ridiculously easy for customers to return shoes, making them well known for their no-hassle customer service.

2. Understand Life From the Perspective Of Your Client

It’s the Golden Rule of customer service: treat your client like you want to be treated.

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Occasionally take the time to touch base with your client to see how they are doing during the case. This one small action goes a very long way toward increasing client satisfaction.

3. Customer Service Starts with First Contact

To create the best possible law firm customer service experience for your clients, you have to examine your entire client intake process. Start with the very first time your clients call or fill out a form on your website.

4. Embrace the Details

When you were in law school, you learned how to pay attention to the details. Those details could make your break your analysis (and your grade). Take that same detail-oriented attitude and apply it to your clients. Not only will your customer service improve, but your clients will place more trust in you.

5. Take the Time to Explain Your Policies to Your Clients

During the initial consultation, you should do more than listen to stories and talk about money (although those two things are certainly important). Explain how (and when) your firm returns messages, provides unsolicited updates, and how your client can get their billing questions answered.

6. Call Clients Back within 24 Hours

Always return calls in a reasonable amount of time. All phone calls should be returned within 24 business hours. This even works if you still don’t have an answer for their question. Just touching base can go a long way.

Why should a law firm website be navigable?

Law firm websites must be easily navigable to avoid causing your visitors frustration. Copy should be written with a focus on the client and avoid legal jargon where possible. Value-added content, such as white papers and webinars, should be posted prominently to enhance the client experience.

What is the role of staff in law?

Staff, such as receptionists and legal assistants, often are the individuals who most frequently interact with clients and observe how others interact with clients. Law firms should empower these employees by giving them the authority to make suggestions, even if anonymously, for improvements in client service.

Should law firms reconsider their bonus structure?

Law firm leaders should reconsider their bonus structure – as many currently are doing anyway – to be more deliberate and transparent in how rewards are doled out, and part of the equation should factor in instances of excellent client service.

Do lawyers practice law?

Lawyers are trained to practice law. While some lawyers also excel at business, it’s often a skill acquired over time rather than one learned through formal education. Even for lawyers who do have formal business training, the nuanced aspects of client service are often secondary to other elements of running a business, such as finance or operations.

Is it necessary to have bottom up processes in law firms?

After all, law firm management cannot be everywhere at once, so it is critical to have some bottom-up processes in place to ensure the finer details of the firm’s service standards are being addressed.

Can a law firm incorporate client service guidelines into their handbooks?

Law firms can also incorporate client service guidelines into their firm handbooks, specifically with regards to professional conduct. After all, a law firm’s brand is the sum of its personnel, and one bad apple really can spoil the bunch.

What is productized service?

Productized services do exactly that. They are services that have been altered to look and act a lot like traditional products. Specifically, a productized service is characterized by: Fixed scope - The deliverables and methodology utilized must be explicitly fixed and unalterable.

Why is productized service important?

Productized services cause business leads and referrals to become more frequent and easier to obtain. This is because the vendor's offerings and pricing structure become simple for third parties to understand, reference, and convey to others.

Why is it important to have a single sale?

A single sale may be enough to convince customers to place firms on preferred vendor lists, train clients to value the very qualities and characteristics that the firm offers, and catch the attention of corporate managers.

Why are products easier to sell?

Products tend to be easier to sell because customers can easily understand what they're buying and how much it costs. Services tend to allow vendors to spend less time and use less labor prior to a purchase being made.

What is the goal of optimization?

This phase is focused upon making informed alterations to the business, its offerings, and the services provided in order to achieve desired business goals (most often efficiency and profitability ). Optimization is not focused upon big decisions, as was the case in the previous phase. Instead, managers should be focused upon making informed decisions.

What is the difference between a product and a service?

Product - An object that is sold to customers. Service - A performance of labor that is sold to customers . Businesses have made fortunes selling products. They have also made fortunes selling services. Each offers certain advantages over the other.

Do service providers charge by the hour?

Most service providers charge by the hour of labor. This leads to many perverse incentives by which the more efficient the performer of the service, the less money he winds up making. As such, it often makes little sense for hourly service providers to consider enhancing their skills or investing in automation.

How do professional services firms grow?

Traditionally, professional services firms have been able to grow only by selling more of their services. That means adding more people, which adds significantly to costs and keeps revenue growth linear. The Solution.

What is the nature of a product and its role in a business's value proposition?

The nature of a product and its role in a business’s value proposition are not the same for a services firm as they are for a company that manufactures goods. This means that services firms must take a different approach to creating, managing, and monetizing products.

Why is EXL more difficult than pricing transactions?

Pricing outcomes is more difficult than pricing transactions, because it requires qualitative judgments as well as quantitative assessments. A professional services firm has to figure out how to define value, measure it, and attribute value creation to the proper source.

What is a service company?

A unit dedicated to product development. In the same way that product companies build innovation units to incubate ideas, services companies should set up teams devoted to developing products internally. It’s important to make such a team somewhat autonomous; it needs its own budget, people, goals, and metrics.

How does argus work?

Argus can “learn” from every interaction it has with humans and every document it processes, so it gets better at identifying and extracting key accounting information over time . Within a few months of its release, Argus had already been used by more than 1,000 auditors to analyze more than 30,000 documents.

What is Argus tool?

Its Argus tool makes use of machine-learning techniques and natural-language processing to analyze electronic documents for auditing purposes. Argus can “learn” from every interaction it has with humans and every document it processes, so it gets better at identifying and extracting key accounting information over time. Within a few months of its release, Argus had already been used by more than 1,000 auditors to analyze more than 30,000 documents.

Is it better to keep products on company premises?

And it’s usually best to keep products on company premises, where they can remain proprietary and protected as a source of competitive advantage . A professional services firm may sometimes find it advantageous to turn a tool into a stand-alone product and then spin it off and sell it.