Pricing
Pricing says as much about any firm as any other branding or positioning strategy, yet many law firms continue to struggle with the systematic approach to embracing pricing strategies. What makes pricing so challenging is the natural tension that exists between a systematic approach to pricing and partner freedom — and yet the gains realized in turn can be significant. We help firms think through all aspects of pricing, including:
- The current pricing strategy and execution
- Diagnostics on phased pricing execution (including examining pricing and rate progression segmented by client, practice/service, partner) and identifying areas for immediate gain
- Partner education, training and coaching
- Practice performance for pricing
- Development of innovative fee strategies / alternative fee arrangements
- Help in creating a formal pricing function and workflow
- Studying and assisting in the cultural challenges that any firm may face in these projects
The Law Firm Pricing Tool Kit
Unlock the key to strategic pricing success with LawVision’s complimentary Law Firm Pricing Toolkit. Designed by industry experts, this toolkit provides essential insights and actionable steps to help law firms navigate the complexities of pricing and profitability. From refining rate strategies to creating transparent pricing processes, the toolkit equips your team with the knowledge needed to optimize financial outcomes and maintain a competitive edge.
Download the toolkit today and schedule a complimentary consultation with Mark Medice to review your firm’s rate plan.
To access the free Law Firm Pricing Tool Kit, click here.
Rate Strategy: Complimentary Rate Plan Review
As we continue on in 2025, most firms have already established a strategic rate plan. Yet, success is determined not merely by design but by diligent execution. At this stage of the rate calendar, the emphasis transitions to implementation, involving a significant human element and the skill of persuasion and education. This journey transcends mere number crunching and proposal drafting. It demands organizational nimbleness, motivational leadership, unambiguous communication, visible performance, and an unwavering emphasis on delivering value to clients.
For a free check up on your rate strategy and 2025 implementation plans, schedule a conversation with Mark Medice, LawVision’s Strategic Pricing, Profitability and Data Science Principal.
Additionally, you can download our brochure on the Rapid Rate Diagnostic HERE.
Law Firm Pricing: 2025 and Beyond
As we enter fiscal 2025, law firm rate dynamics are at a critical inflection point. While the past decade’s rate cycle has established a clear growth trajectory, the fundamental drivers of rate increases remain firmly in place – and may even accelerate as transactional practices recover. However, our latest Strategic Pricing Survey reveals concerning gaps in firms’ pricing capabilities, from the inability to effectively communicate value to the persistence of legacy discounting patterns that create “stuck” rates. Perhaps most troubling is a widespread disconnect between pricing decisions and profitability outcomes, exacerbated by excessive autonomy in rate-setting.
These internal challenges coincide with growing client resistance to fee increases, creating a perfect storm that threatens rate performance. Yet there is a clear path forward: firms that invest in robust pricing support systems and governance are better positioned to navigate client pushback. At the heart of successful rate management lies the critical need for partners to maintain strong client relationships focused on delivering and demonstrating real value. Only through these deep connections can firms achieve pricing that reflects their expertise while maintaining strong client partnerships.
Ready to strengthen your firm’s rate performance? Let’s conduct a comprehensive rate diagnostic to identify your challenges and opportunities. Our analysis will provide actionable insights into rate realization, discount patterns, and pricing governance – giving you the tools to build a more resilient pricing strategy for 2025 and beyond.