Fee Negotiation Training
Kingsley Napley is an internationally recognised law firm based in Central London.
They support individuals and businesses in resolving conflict, safeguarding their futures and maximising opportunities. Their wide range of expertise means that they can provide support for clients in all areas of their business and private life. Many of their lawyers are leaders in their field and the practice areas are highly ranked by the legal directories.
Background
Lawyers tend to be very good at the area of law they specialise in. Negotiating fees is an area they are not alwys that confident with.
Needs
The need was simple, to help improve the confidence of lawyers in negotiating fees by giving them strategies and tips. And to make these so that the lawyers could use the ideas immediately.
Activity
The agenda for the training included the following:
- Introduction & objectives.
- The need to improve recovery.
- Defining best practice in your department.
- Participant experiences & challenges of negotiating fees.
- When do we negotiate fees & what are the opportunities to negotiate?
- What can negotiation achieve?
- Negotiating in a competitive environment.
- Role of needs / wants in a fee negotiation.
- Participants’ situations & analysis.
- Assumptions – the negotiator’s curse!
- Scope of work – critical part of negotiating.
- Agreeing negotiation objectives.
- Fixed fees, capped fees and hourly rates.
- Role of personalities in fee negotiations.
- Reviewing fees actual v expectations.
- Ring-fencing concessions.
- Monthly billing in lengthy matters.
- Negotiating strategies, tactics & your plan.
- Workshop summary & personal actions.
Outcomes
Every lawyer left with specific personal actions to implement in their next fee negotiation meeting.
Participant Feedback
“I implemented one of the actions from the training immediately with a client to great effect.”
“Very practical. Very good.”
Client Feedback
“Martin designed and delivered ‘Fee Negotiating Training for Senior Fee Earners’, that is Partners and Senior Associates, at Kingsley Napley. The sessions were tailored to the firm’s specific needs and those of the practice areas; each workshop was delivered in collaboration with colleagues from the Finance Team in the firm. The training was very well received and we had very positive feedback from Partners and Senior Associates, with some immediate practical applications of the principles covered.”