The pricing of legal services is no longer simply about setting rates. Properly optimizing a firm’s pricing strategy is a critical source of competitive advantage and increased profitability, which now more than ever is crucial to staying relevant in the legal sector.
Firms must start looking to demonstrate their ability to provide clients with greater value through alternative fee arrangements, effectively controlled budgeting methods, and the integration of innovative firm management practices – whilst continuing to operate as a profitable business. Standard business principles have become the norm for firms – as clients become increasingly proficient in negotiating costs and defining the scope of engagement, service delivery must now be framed by value, expertise, and profitability rather than hours billed alone.
With contributions from pricing directors and expert consultants, Practical Innovations in Legal Pricing offers insight into newest effective approaches to pricing that top firms are undertaking. Taking an in-depth look at the role of shadow-billing and client collaboration in AFAs, integrating a firm’s legal project management and pricing functions for greater client benefits, and effectively executing a newly formed pricing strategy, this title will provide a comprehensive overview of the best practices in innovative pricing functions.
About the authors
Chapter 1: The roles and responsibilities of the pricing director
Chapter 2: Executing on a pricing strategy – Critical challenges and lessons learned
Chapter 3: Pricing and salivating dogs
Chapter 4: It’s all about expertise and outcomes 31
Chapter 5: Designing an objective-oriented fee arrangement
Chapter 6: Integration of the pricing and LPM functions 47
Chapter 7: Pricing legal work is a two-way street
Chapter 8: Innovative pricing – The gap between clients’ expectations and law fi rms’ delivery
Chapter 9: Componentized budgets for cost benefit analysis
Chapter 10: Neurogenetics of pricing – Why fee discounts destroy client loyalty