Law firm leaders’ concerns about Pricing are at, or near, their lowest levels since the Great Recession, according to the latest Altman Weil survey. In the 11th Annual Law Firms in Transition survey, released earlier this month, firm leaders expressed
The Defining Four: Price, Pricing, Pricing Strategy, Strategic Pricing
How can such a simple word, price, cause so much confusion? For years, the legal industry has been focused on calculating better price tags and devising creative fee arrangements, all in the name of Pricing. Unfortunately, Pricing is not the
Chief “Pricing” Officers Gain Momentum in 2018
It has been years since the legal industry adopted the C-Suite framework–so common within its clients–for its business functions. It has been slow to invite the Pricing function into that club. The momentum shifted in 2018. The Beginning: In 2010,
Roll Call Doubles in Four Years, Chiefs Making Move
It has been far too long since I reported on the exponential growth of our profession. When I launched the Roll Call in early 2013, our community was already larger than anyone knew. We thought there were less than 50;
White Paper: ALA’s Legal Service Pricing
Recently the Association of Legal Administrators (ALA) released its first white paper on law firm pricing: The Client Cost Conundrum: Legal Service Pricing in a Post-Recession Market. The February 2016 publication attempts to explain the importance of pricing within the
2015 Altman Weil Survey: Pricing Losing Luster, But Still Key to Competition
I dropped the ball in 2015 and did not report on several key industry surveys. Of particular note is Altman Weil’s seventh annual Law Firms in Transition survey. To continue the 2013 (POST) and 2014 (POST) overviews, I thought it was
Today is Law Firm Pricing Day
Last year I decided there should be a day dedicated to our nascent profession. So, based upon the earliest newspaper article I could find on the subject, I thought October 22nd was as good of a day as any! Time
The Importance of Intelligence, Part One: C.I.
Law firms face two critical intelligence factors — business intelligence (internal) and competitive intelligence (external) — and both play a significant role in pricing. This post focuses on competitive intelligence. Watch for the post on business intelligence next month. In
AFAs: The Tail That Wags the (Pricing) Dog
Last week The American Lawyer asked “Is Your Firm Ready?” for alternative fees. Writing in response to recent industry surveys, which confirm the legal industry’s increased interest in alternatives to the billable hour (aka AFAs), reporter Chris Johnson noted pure
It’s All About Value
“Every client wants lower fees; no client wants lower value.” Ten simple words encapsulate a law firm’s true business objective: offering value. To be successful, law firms must look past marketing campaigns, business development initiative, and even pricing strategies to