What is largely dwelt on here is law firms trying to avoid looking at the transaction for its clients as an all-it-can-eat buffet where every indulgence that can be legitimately passed off as relevant to the work, is.
Cost consciousness is done by using behaviours such as providing reliable figures for what legal services will cost, providing low cost or fixed process for clients on limited budgets, providing training to your people on how to explain the value, providing for the firms profit, enhance the perception that fees are equal to value and justification of the fees for the work that you do and keeping clients clearly updated on the progress or lack thereof on their matters.
All with the intent that there will be no surprises of an unpleasant nature for the client after a successful achievement of the client goals.
Cost is what the client pays and value is what the client gets so it is always relevant that value be equal to or more than costs for the client to see the fees as justified.
This is all based on the premise that the client and the law firm both receive value for the investments made. The clients work is done at a price point that makes sense and the law firm processes the business for a profit.
Being aware of the implications of the costs of a transaction to the client and to the law firm is another crucial part of the cost consciousness idea. While it would be nice to offer low prices to the client, it usually does not make economic sense.
The law firm loses money and has to reduce the quality of the services it provides and the client gets inadequate legal representation.
Nobody is happy with this situation and so the law firm steps up to the plate and manages the expectation of the client as to what legal services cost and what they can factually achieve for the client.
And the client is clearly informed that cost consciousness is not fee reduction or a discount.
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