Defining value differs from one client to the next, a new survey has revealed. Wicker Park Group analysed 800 interviews from 2011-2014 for how often clients discussed five critical performance areas: Managing Expectations, Client Service, Being Proactive, Communication and Value. According to Nat Slavin, founder of the company, the percentage of clients talking about the importance of value increased from 43 per cent  in 2011 to 73 per cent last year. While other performance areas saw increases, none were nearly as dramatic as that.

Many definitions exist

He said that in conversations with clients, they heard 'many definitions of value and often hear it confused with 'added value' such as CLE programs and other client interactions that were not matter or project specific. But, he says 'value is actually defined by the client in a much more practical way. It answers the question: Does my lawyer understand how I define success and all the myriad components that impact that success? And, do they accomplish that goal in a manner, financially and otherwise, that helps us further our business goals?' Source: Bloomberg