OnDemand WTP Pricing Research

Firms Have High Degree Of Flexibility In Implementing Price And Service Transparency Changes | Today’s Conveyancer

Providing data and information that allows accurate comparisons

Whilst the concept of being able to provide information that allows potential clients to ‘compare apples with apples’ is no doubt a good one; implementation is proving not to be straightforward. Templates have been made available, both by the regulators and the Law Society, and so on the face of it firms have all the tools they need to prepare for the December deadline.

In practice, however, the majority of firms have some critical decisions to make before deciding whether they can just complete the template and upload to their website – or whether a more considered approach would be best.

The key dilemma as widely expressed across the industry is in avoiding a scenario where consumers focus almost entirely on price, rather than on the overall value that a firm is offering including the level of customer service to be expected, the expertise and technical know-how required and the reassurance of employing professional advisers backed by a strong and trusted brand.

In essence this decision forces firms to focus on an important issue which has always been there: in a market where there can be huge differences in the prices charged for what is ostensibly the same type of legal job; how do firms justify their prices?

The answer, of course, is demonstrating why the price is fair. This can include explaining the complexity of the advice required including why using an experienced (and more expensive) adviser could save a lot of heartache and expense further down the line.

Conversely, there may be occasions when a more straightforward conveyancing transaction can, and should, cost a lot less and can be offered on a more ‘commoditised’ basis. This is seen in operation currently, for example, with panels offering conveyancing services where price comparison-style websites offer obvious comparisons between prices by literally listing providers side by side with prices clearly displayed.

Read complete article here:

Firms Have High Degree Of Flexibility In Implementing Price And Service Transparency Changes.

Post a Comment

WP-SpamFree by Pole Position Marketing