It has been a year since I wrote my first post. Then, as now, I dedicated this blog to promoting within the legal industry the fourth ‘P’ of the marketing mix: Price. It was a good year to begin following law firm pricing. As you can see below, 2013 was filled with many advances in education, knowledge and understanding of how this most basic economic principle works in law firms.
Of course, prior years had their own milestones. In 2012:
- we marked the 10th anniversary of the ABA’s Commission on the Billable Hour
- Jim Hassett and Susan Hackett each shined a light on growing number of pricing professionals in law firms
- Hildebrandt Institute and Peer Monitor released a law firm pricing survey
- ILTA and LMA held pricing sessions at their Annual Conferences
- Ark Group released its third book in as many years on law firm pricing
- the State Bar of California published a lengthy report on fee arrangements…I could go on.
Articles: 53 (breaking 2012’s record of 37)
- Including The New York Times, Washington Post, ABA Journal, Corporate Counsel, InsideCounsel, The Canadian Lawyer, Law360, Boston Business Journal
- Including 3 surveys, 4 white papers, 2 books, 1 special report
- Offered by ABA, ACC, ALA, ALM, ILTA, LMA, Ark Group, Baker Tilly, Thomson Reuters
- Including new directors at Paul Hastings and Reed Smith
There is little doubt these trends will continue, as the pricing of legal services continues to be at the forefront of our industry. We’ve gone through the cost-cutting. We’ve added business development professionals to increase new revenue. The new frontier is enhancing and maximizing revenue…and profitability. That’s the role–and the promise–of Price.
As more and more law firms hear that message…the more articles, the more presentations, the more publications and the many more professionals we’ll see in 2014 and beyond.