Confessions of an Inhouse Counsel: How to Give Fee Quotes Like a Rainmaker and Win My Business: The Inside Client Scoop for Lawyers on the Art of the Fee Quote

If you are reading this, you must be a law firm partner (or an aspiring partner) who wants more business. Business from someone like me. I am an inhouse counsel in the legal department of a Fortune 100 company. And yes, I am critical in my company’s decisions on law firm appointments. Most of the time, I have the unilateral authority to appoint the law firm. Other times, even when I don’t have that affirmative power to appoint, I most always have the unilateral power to veto a law firm, or even a particular lawyer at a law firm. This is not me being arrogant or drunk with power. It’s just part of my job description. My job is to manage the legal risk of my company, and the primary way I do that is by selecting the appropriate outside counsel for a particular matter. The way I select outside counsel and appoint them is through fee quotes. This book is on how to help you with fee quotes. In this book, I will teach you the top dos and don’ts in giving out fee quotes, and give you case studies on what other successful quotes looked like. The fee quote is more of an art than a science. It depends on what the situation is and how you need to adjust and react to it individually. If you have pitched me already and I am reaching out to you for fee quotes, then you’ve already won half the battle. But only half. The other half is to give out the actual fee quote that will win you the appointment. Then shampoo, rinse, repeat. That is exactly what rainmakers do. There is no reason why you can’t do the same thing. Also in this book are case studies on partners who have succeeded and other who partners have failed in real-life scenarios. Have you ever thought to yourself, “How come I never win the beauty parade?” or “I have no idea what fee quote will win this deal”. If you’re repeatedly giving out fee quotes but not getting appointed, then something is wrong. Do you feel like you’re always the bridesmaid and not the bride? If so, I will help unmask the answers to those questions and many more. I write this book as a first person narrative because this is my perspective, my experience and my advice to you.

Table of Contents:

FOREWARD
INTRODUCTION
PART I – DON’T QUOTE ON YOUR TERMS. QUOTE ON MINE. TAILOR YOUR QUOTE TO FIT MY PURPOSE
1. The first step to a winning fee quote has nothing to do with the substantive matter that I am asking you to quote for.
a. Why you need to be at your desk between 5pm and 7pm.
b. Pick up your telephone.
c. Fee quote requests via email and the half-day rule.
2. The second step to a winning fee quote involves answering five critical questions.
a. Question 1: Is this a live matter or is this merely a fishing trip?
b. Question 2: Why did you contact me (as opposed to another law firm out there)?
c. Question 3: Who is paying?
d. Question 4: When do you need this done by?
e. Question 5: Is there anything crazy going on here?
PART II – THE ABSOLUTE RIGHT WAY TO DRAFT YOUR FEE QUOTE AND THE ABSOLUTE WRONG WAY TO DRAFT YOUR FEE QUOTE.
3. Only two points matter in your fee quote.
a. Your typical fee quote (the absolute wrong way to quote).
b. My desired fee quote (the absolute right way to quote).
c. Using the right medium.
4. Case Studies
a. Getting your foot in the door.
b. Giving low ball fee quotes successfully.
c. Fending off low ball fee quotes successfully.
d. Collusion and the outlier.
e. Always the bridesmaid and never the bridge? Let’s review where you’re taking a wrong turn.
Conclusion