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The speaker shares a personal story about their evolving understanding of engagement letters. Five years ago, they consulted a local attorney, John, due to issues with rising receivables and clients’ unrealistic expectations. The speaker believed a well-crafted engagement letter could resolve these problems. However, John prompted a broader discussion by asking questions about the speaker's marketing, branding, reputation, certifications, capacity, and infrastructure. The speaker expressed confusion, thinking they simply needed an engagement letter, but John suggested that a deeper understanding of their business was necessary before drafting one.