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The speaker shares a story about their realization regarding engagement letters after a meeting with a local attorney five years ago. Concerned about increasing receivables and client expectations, the speaker sought help in creating a solid engagement letter. However, instead of simply discussing the letter, the attorney asked about various aspects of the speaker's business, such as marketing, branding, reputation, certifications, capacity, and infrastructure. The speaker initially questioned the relevance of this information, believing a straightforward engagement letter would suffice. The attorney's response indicated a broader understanding of the business context before addressing the engagement letter itself.