The Oxford English Dictionary defines insight as understanding “the inner character or hidden nature of things; a glimpse or view beneath the surface.” This ability to see beyond the surface and truly understand what your client needs separates the primary provider from a secondary provider, bringing with it the opportunity for 2 to 4 times greater fees.
During BTI’s most recent in-depth survey, 300 corporate counsel described their primary law firm’s 3 most outstanding qualities:
Each of these same corporate counsel then described their secondary law firm’s 3 most outstanding qualities:
Secondary law firms who convert their creativity and entrepreneurial nature into insight have the greatest opportunity to become a primary firm. To defend their position—and the fees billed at 2 to 4 times those of secondary firms—primary law firms are developing an intuitive understanding of their clients to deliver more penetrating insights.