In this two part series, we will look at how the legal pricing role has been drawn into the profitability role and is now being pulled towards the compensation side of law firms. From there we will apply the knowledge being gained from pricing and lay out a possible future compensation approach focused on motivating
The Second Tier Pull on Pricing
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| Image [cc] Allen Sheffield |
As an observer of the legal pricing market, I try to keep a keen eye on the underlying, economic forces driving changes. I have previously posted on the internal forces acting on in-house counsel to save money. And recently, I am seeing a stronger emergence of another aspect of this force.
Toby's On Fire… NLJ Trailblazer, Author, and BloombergLaw Interview
It has been a busy time for our illustrious Mr. Toby Brown over the past few weeks. In the past few weeks, he has co-written a book with Vincent Cordo on Law Firm Pricing: Strategies, Roles, and Responsibilities, conducted an interview with Bloomberg Law’s Lee Pacchia about the challenges of implementing a pricing strategy at
P3 Conference – Early Bird Registration Deadline Tomorrow
Tomorrow is the deadline for early bird, discounted registration for the upcoming P3 Conference. The Conference, on Pricing, Practice Innovation and Project Management, will be a unique experience for those interested in these topics.
The Conference was designed around the goals of the Client Value Shared Interest Group of the LMA. These goals are:
Price Elasticity in the Legal Market
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| Image [cc] Marc Samsom |
My recent post on the Price Point Law Firm generated a few interesting discussions. One included Kingsley Martin. Kingsley asked whether law firm work volume would go up if a firm lowered their rates (a.k.a. prices).
Poor Kingsley. This engaged my Economist Engine at Warp 10.
The “real” question is
Why Clients Are Mad
Geek #1 had the opportunity of asking Casey Flaherty a question during a presentation recently. One of his takeaways is that clients still do not trust their outside law firms. After posting my recent piece on SOLP 2013, a thought clicked in my head. Consumers of any product will grow angry if they
P3 Conference Registration Open
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