ARCTIC OBITER
Arctic Obiter - May 2010 - Law Society of the Northwest Territories
Arctic Obiter - May 2010 - Law Society of the Northwest Territories
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MAY 2010 | 11<br />
third reason is likely the hardest of all to accept, a<br />
traumatizing underlying premise to the whole conversation:<br />
the value of lawyers’ work isn’t really for lawyers to decide.<br />
Ultimately, the price of a lawyer’s services is not something a<br />
lawyer can control — and loss of control is not something<br />
most lawyers can abide.<br />
A lawyer without a client or a file has no marketplace value<br />
— that value exists only once the lawyer is engaged on a task<br />
brought forward by the client, delivered to the client and<br />
paid for by the client. Given that fact, it’s neither surprising<br />
nor unnatural that price should be determined by the client<br />
as well. A lawyer can exert a great deal of influence on her<br />
price if she possesses extraordinary skills or experiences, and<br />
perhaps if her talents are so scarce and in great demand, she<br />
really can name her price. But 98% of lawyers are not in this<br />
position. And the days when they can dictate their price<br />
unilaterally, and base that price on their level of exertion, are<br />
ending.<br />
That’s why the legal profession is struggling — it’s trying to<br />
come to grips with an entirely new pricing paradigm. It’s<br />
going to take a long time, and many lawyers won’t grasp the<br />
reality of the new environment until it’s too late. The longer<br />
a lawyer holds on to the idea that time and effort translates<br />
into value in the legal marketplace, the greater the chances<br />
that he or she will be one of them.<br />
Jordan Furlong is a partner with Edge International, a senior consultant<br />
with Stem Legal, and an award-winning blogger at Law21: Dispatches<br />
from a Legal Profession on the Brink (http://law21.ca), from which this<br />
article is reproduced.