What started as a modest group of pricing people 2 years ago (I believe it was five of us) has grown now to about 200 people. The group is now comprised of pricing and project management people with a wide variety of titles and roles. Some in the group are strictly in these roles. Others
Introducing the Price Point Law Firm
What is your reaction to that title?
Most lawyers will probably turn their noses up at this. Since law is a reputation-based business, who in their right mind would want their reputation associated with being cheap?
Many clients will likely be quite interested in this concept. Not that all of their work will ever go
SOLP 2013 – Part 4 – Legal Pricing Strategy
(This is part 4 of a 4 part series. You can download the entire SOLP 2013 below.)
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| Image [CC] – Jeffness |
The newer the legal pricing role, the more likely it is to be defensively motivated. By defensive, I mean the pricing role is narrowly focused on holding the line on profits. The more mature
SOLP 2013 – Part 3 – Firm-Side Pricing Chaos
(This is part 3 of a 4 part series. You can download the entire SOLP 2013 here.)
For the last fifty or sixty years, law firms have used the infamous hourly billing rate pricing model almost exclusively. More importantly, during this era they had the luxury of constantly raising prices under growing demand. This
SOLP 2013 – Part 2 – Client-Side Pricing Chaos
(This is part 2 of a 4 part series. You can download the entire SOLP 2013 here.)
In-house legal departments are now facing the same cost savings pressures as other corporate departments. In the past “legal” was able to largely avoid this conversation with leadership. They would dodge the question by insisting that they
The State of Legal Pricing 2013 – Part 1
(This is part 1 of a 4 part series. You can download the entire SOLP 2013 here.)
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| IMage [CC] – Frank Kovalchek |
Partners, Executives, CFOs, CIOs, CPOs, Marketers, and Legal Pricing Aficionados of all types, titles, and roles, I have come to report that the current state of legal pricing is absolutely chaotic.
Book Review: Evolutionary Road by Jordan Furlong
Today’s Guest Blogger, Kristina Lambright, brings us a review and explanation of Jordan Furlong’s new book, Evolutionary Road. Kristina serves as the Manager of Strategic Pricing for Akin Gump Strauss Hauer & Feld. Prior to that she was the Pricing Analyst for Vinson & Elkins. Kristina has a JD from South Texas College of Law and an
The Next Killer Legal App
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| Image [cc] lowjumpingfrog |
#1 and I were chatting (not quite at 3 Beers) and he made a statement that really made me think.
Damn him.
We were talking about whether lawyers will embrace internal messaging apps or any other type of social media apps as KM or just communications tools. I commented that IT
The Value of Fee Caps
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| Image [cc] Rigmarole |
As legal pricing evolves, it is taking many twists and turns – along with some convoluted spins. The initial efforts by clients to save money typically results in requests for bigger discounts. This allows the GC to go back to the CEO and say “we saved 5% more this year.”
After a
Adam Smith’s Pin Factory and the Law Firm
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| Image [cc] paojus |
One of Adam Smith’s great contributions to economics was his commentary on the ‘division of labor’ – explained in his pin factory example. For those of you who may have fell asleep during this part of the Econ 101 lecture, Adam Smith demonstrated how productive capacity increases with specialization.
He evaluated an