At first blush, this question may sound counterintuitive. Traditionally and rather logically, there has been a direct correlation between the quality of the services and the fees charged by law firms. As a result, the price (quite literally) to be paid for high-value services is higher fees. But maybe there is a way to break this value-cost trade-off and devise your “blue ocean strategy” inspired by the groundbreaking book of the same title.
One way of achieving this by thinking of factors that the legal services industry takes for granted and which could perhaps be eliminated. For instance, instead of writing detailed legal opinion letters, for certain issues and matters, can law firms not render legal advice in concise written form that preserves the quality of the work yet is done quicker taking up fewer billing hours?