Throughout his career, Patrick has worked across a broad range of law firms–from 70 attorneys in a single office to 1,600 attorneys in 10 countries–including three AmLaw 200 firms. With a career in both Business Development and Pricing, Patrick is an exceptional resource for how Pricing Strategy works within law firms to win work, to improve margins, and to grow profits. He offers the following services:
GETTING STARTED: YOUR BLUEprint™
You’ve been reading and watching Big Law evolve its Pricing and Pricing Functions for nearly a decade, while at the same time corporate law departments are growing in size and sophistication, which fuels the legal industry’s Price pressures. Are your firm leaders ready to dive into Pricing? Patrick works with Managing Partners and Executive Committees (also C-Suite leaders) to enhance the firm’s understanding of Pricing and to identify the firm’s existing Pricing approach (beyond Price activities). With his knowledge and experience, he creates a BLUEprint™ to help the firm launch its Pricing efforts.
For more information, contact Patrick: patrick@lawfirmpricing.com | (312) 504-4142
BUILDING A PRICING FUNCTION
When it’s time to make your first hire, or to expand your Pricing team, you need expert guidance on getting it right. Do you build from the ground up, or bring in a leader to make an immediate impact? Do you start in the Finance Department, or create a stand-alone Pricing Function? Do you hire a numbers whiz or a value expert? With his AmLaw 200 leadership experience, Patrick knows both the day-to-day impact and the strategic value of a successful Pricing Function. In addition to his personal insights, Patrick’s Five Models of Firm Pricing™ helps firm leaders understand how their choices impact the quality of their Pricing Function.
For more information, contact Patrick: patrick@lawfirmpricing.com | (312) 504-4142
FINDING VALUE IN YOUR SERVICES
Whether you’ve followed the ACC’s 2008 Value Challenge, or read the ABA’s 2014 Smarter Pricing, Smarter Profit, or heard clients talk about improving relationships, you know buyers of legal service have one focus: value. In fact, this is true of all buyers: “Price is what you pay, value is what you get” according to Warren Buffet. When was the last time your firm’s leadership defined or articulated the firm’s value? Do you ‘capture’ your value in your Price? With a decade in law firm business development, Patrick bridges the Marketing and Finance functions to help firms improve value communication and capture value.
For more information, contact Patrick: patrick@lawfirmpricing.com | (312) 504-4142
PROACTIVE PRICING STRATEGY
Every firm has created and implemented their Price Tags (aka houly rates). In turn, those rates form the foundation for requested pitches and proposals, including Alternative Fee Arrangements (AFAs). Two big, unanswered questions for buyers of legal services: what is the basis for those rates? and how does the firm justify them? Whatever the answers, it is very likely the word “strategy” is not included. Why? That answer is easier: law firms are focused on Price, not on Pricing Strategy. Patrick uses his unique background, and proprietary SIMPLE Framework™, to help Managing Partners and Executive Committees (also C-Suite leaders) to define and execute a Pricing Strategy.
For more information, contact Patrick: patrick@lawfirmpricing.com | (312) 504-4142
PRICE NEGOTIATIONS
When the Great Recession hit, the legal industry was ill-prepared for the financial push back: when clients demanded Price concessions, relationship partners were eager to make clients happy, ignorant of the economic consequences. More than a decade later, the legal industry is cognizant of the effects of rate/fee discounting; however, most lawyers continue to suffer from underdeveloped negotiation skills. Patrick combines his business development/sales training with his Pricing expertise to help partners improve their Price negotiation skills.
For more information, contact Patrick: patrick@lawfirmpricing.com | (312) 504-4142