The 'real value' a lawyer can provide their client is, effectively, what their service is worth in monetary terms, without any outside expectations from the client or the lawyer. Conversely, the 'perceived value' is what the client actually believes the service to be worth. For lawyers especially, the difference between the two is vitally important.
As Julia Salasky put forward during her talk at the London Law Expo 2019, the perceived value comes from the clients' experience and client expectations, which have fundamentally shifted over the last 10 or so years.
From speaking to a wide range of lawyers - from magic circle to smaller regional firms - the most common expectation that clients demand is to hear from their lawyers on a more consistent basis. Whether this is an industry update or the latest development in the sector, clients essentially want to know what this means to them and their business.
Adam Jackson of Grant Thornton provides a great example here, summarising the (then) latest Brexit deal and what it means for organisations - Brexit Deal dead and buried: what this means for your organisation.
"Cost is a motivator in driving clients to law firms; but what we’ve seen is that clients are much more driven by value - real and perceived." - Julia Salasky, Legl.