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 2024 Rate Plan Review

 

As we enter 2024, 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 2024 implementation plans, schedule a conversation with Mark Medice, LawVision’s Strategic Pricing, Profitability and Data Science Principal. 

Review My Plan Now

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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