The Latest in Law Firm Marketing
Each week, the Legal Marketing Association pulls the most buzzworthy trends in marketing to help inspire its members. This week we address law firm pricing, starting with “Law Firm Pricing Insights: A New Report on the Role of Pricing in Law Firms.”
1. Law Firm Pricing Insights: A New Report on the Role of Pricing in Law Firms
Thomson Reuters reports that the Altman Weil Law Firm in Transition Survey found 85 percent of law firms have ‘proactive conversations’ with clients about pricing and budget and 67 percent collaborate with clients to find alternative pricing options. Read about effective pricing strategies in Thomson Reuters’s report.
2. From the World of Law Firm Pricing: Train Your Lawyers
Bill Josten of the Legal Executive Institute believes the discipline of pricing legal services is still in its juvenile stages. He says, “Law firms struggle with how to best communicate value. Clients struggle to understand how they prefer to see matters priced. Both sides face challenges in understanding exactly what the client expects to receive.” Read more in this blog post about how to develop the necessary skills for effective pricing.
3. A Legal Finance Primer for Legal Operations and Law Firm Pricing Professionals
Legal finance offers cost and risk management benefits to help in-house legal operations and law firm pricing professionals work more easily across their organizations. Learn more about legal finance, understand how it is priced and can be used to protect both corporate wealth and law firm profitability in this New York Law Journal article.
4. Three Trends in Pricing and Pitching New Legal Work
Lawyer Julie Savarino discusses three trends that can help law firms work efficiently in the face of increasing competition: 1) Budgets are out, not-to-exceeds are in; 2) Involvement of procurement and pricing professionals; and 3) The move toward predictive pricing. Read more on the Intapp blog.
5. Why and How to Switch to Value Pricing
Lawyer John Chisholm explains key considerations – and pitfalls – for firms considering the move from time-based billing to value pricing. He indicates one of the biggest challenges is that “determining value is difficult – firms do not recognize how much value they create.” Read more on the Law Management Hub blog.
Check back weekly for more industry trends from around the web!