LawVision INSIGHTS Blog

Archive for Profitability Category

Posted In: Law Firm Resilience, Pricing Strategy, Profitability

The Nuances of Multi-Tiered Rate Structures: Unraveling the Complexity

I occasionally receive questions about multi-tiered rate structures, which prompted my focus this week. RATE TIER STRATEGY DEFINED Rate tiering is a pricing

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Posted In: Law Firm Resilience, Practice Group Management, Profitability, Strategic Planning, Uncategorized

Practice Group Management: The Key to More Effective Use of Investment Time to Build Your Firm

Most firms today have embraced effective and empowered practice management for many reasons: improved engagement and retention of their valued professionals, greater profitability,

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Posted In: Law Firm Resilience, Profitability

Navigating the Complex Landscape of 2024 Law Firm Rate Setting

“The moment you make a mistake in pricing, you’re eating into your reputation or your profits,” wisely stated Katherine Paine, emphasizing the critical

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Posted In: Business Development, Law Firm Resilience, Profitability

Law Firm Business Development—Strategic Accounts Will Save Your Firm and Protect Your Revenue Stream

We are seeing demand for legal services remains somewhat flat if not a very slight uptick in demand. New entrants into some of

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Posted In: Pricing Strategy, Profitability, Uncategorized

How to Think About Your Pricing Potential

Pricing is a vital topic today. And firms are often surprised when told that their current pricing approach costs them multiple millions of

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Posted In: Law Firm Resilience, Pricing Strategy, Profitability, Uncategorized

Making the Right Moves in a Year of Uncertainty

Recent legal industry reports[1] (i.e., the Citi Advisory and Georgetown Report) have highlighted financial performance for law firms in 2022, which presented law

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Posted In: Business Development, Legal Sales, Profitability

When Developing a Sales Process for Your Law Firm, Start with the Buyer’s Process

“We can go about selling in a systematic way because there are repeatable processes in both buying and selling.” This is an observation

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Posted In: Pricing Strategy, Profitability

Fiscal 2023 Rate Strategies Series: Big Miss #3 – Wide Rate Dispersion with Bonus: Thoughts on Fiscal 2023 Rates

Today’s blog is the last installment of a three-part series on Big Pricing Misses1. Pricing is one of your strongest drivers of profitability.

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Posted In: Pricing Strategy, Profitability, Strategic Planning, Uncategorized

Fiscal 2023 Rate Strategies Series: Big Miss #2 – The Perils of Rate Stagnation (Flat Rates)

Today’s blog is part two of a three-part series on Big Pricing Misses[1]. Last week, I described the current precarious law firm rate-setting

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Posted In: Pricing Strategy, Profitability, Uncategorized

Fiscal 2023 Rate Strategies Series: Big Miss #1 – Unnecessary Discounting

As we look to close out 2022, it has never been more important to execute your pricing strategy well. The competitive market for

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