Rate & Pricing Strategy

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

Rate Strategy: Complimentary Review & Instant Thoughts

As we forge into 2024, the intricacies of rate setting for law firms unfold in new dimensions. Balancing the ongoing trends with a keen eye on delivering value, avoiding common errors, and being purposeful in pricing strategies can set the stage for success.

In these uncertain times, aligning your rate strategies with your firm’s core values and market demands can be the difference between thriving and merely surviving. As in many professional endeavors, pricing, precision, purpose, and timely action are your strongest allies.

Complimentary Review & Instant Thoughts on Rate Strategy
In recognizing the complexities surrounding rate setting for 2024, we invite you to a complimentary review of industry rate trends. Gain insights from our thoughts and considerations around rate strategies, offering instant thoughts on crafting a rate strategy that resonates with your firm’s vision and market positioning.

To find out more, please contact Mark Medice: mmedice@lawvision.com.

Just Released: 5th Annual Law Firm Profitability Survey

This 2023 survey, a joint venture between LawVision and BigHand, captures the legal landscape’s shifting sands—integrating age-old profitability ambitions with the transformative promise of AI. Even with economic headwinds, the symbiosis of technology and strategy foretells a nuanced future.

And, given the milestone of our fifth year conducting this survey, we are pleased to share that we possess several years’ comprehensive datasets. These datasets enable us to conduct year-to-year comparisons on critical profitability metrics, providing a deeper understanding of industry trends and changes over time.

Key Findings

  • Profitability management remains a paramount concern for large law firms, and as we step into 2023, the ever-evolving legal landscape demands innovative responses from these firms. Significant changes are occurring, driven by factors such as the adoption and integration of cutting-edge artificial intelligence (“AI”) tools and the continued regression of pandemic-related impacts. Consequently, law firms are navigating this shifting terrain by exploring fresh approaches to analyzing their profitability.
  • Profit expansion remains on a steady trajectory, with numerous firms consistently experiencing growth over the past three years. However…

To receive the full report and discuss its findings — including how they can support a more effective profit strategy for your firm — please contact Principal Mark Medice: mmedice@lawvision.com.

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