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Lawyers frequently supply their services at different prices for different clients based on the clients’ ability...

Lawyers frequently supply their services at different prices for different clients based on the clients’ ability to pay. How does this differential pricing impact exchange efficiency? Be specific.

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Answer #1

Setting a price requires the lawyer to understand the value of his work. Value will mean different things to differnt clients. One client will find emotional value in the relief that can give them in a matter, while another will get financial value through a contract a lawyer help negotiate for their business.

They can initially communicate values for clients through marketing campaignsbut this should mean to attract their ideal clients so they don't have to defend the pricing for their service.

Value is dependent on context, it means that the client price depends on context. A lawyer must emphasis on how his clients are benefiting from their relationship and also he must do his best to understand the values of those benefits.

Also a lawyer's price also reflects your mission and values so they must make sure that the number they charge may work for them.

Thankyou, Hope it helped.

Cheers

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