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Mastering the Art of Client Communication on Law Firm Pricing

A recent article on Law.com, Partners Confront ‘Deeply Uncomfortable’ Client Communications on Soaring Billing Rates, highlighted a growing trend in the legal industry: many firms are shifting away from personal...more

Mirage or Oasis? Preparing for FY2025 Winter Pricing in the Summer Heat

As summer peaks with days hitting a sweltering 100 degrees, it might be challenging to think about the heart of the fiscal 2025 winter season. Our strategic pricing calendar reminds us that this time of year presents an...more

Navigating the Year with Strategic Pricing in Law Firms

Strategic pricing within law firms is more than just setting rates; it is a year-round endeavor that aligns with the firm’s pursuits, understands industry market cycles, factors practice innovation, and, most critically,...more

Your Partner FICO Score for Managing Performance

Law firm leaders constantly seek more effective and transparent measures to assess and boost their financial performance. Although traditional metrics such as effective rates, realization, profit margin, and leverage provide...more

Your Strategic Pricing Execution Checklist

As the year begins, law firms transition their pricing focus from the planning stage to execution. In the second half of 2023, firms were busy evaluating their rates and pricing strategies to prepare for 2024. Currently, the...more

Mastering the Art of Rate Execution in the Legal Landscape of 2024

As we usher in 2024, the echoes of 2023’s law firm successes and challenges still linger. Last year, we observed mixed demand, gnawing expenses, the AI frenzy, and talent scarcity. In that tumultuous terrain, I frequently...more

Navigating Rate Trends for 2024: Strategies for Pricing Success

Contrary to popular perception, law firm billing rates do not exhibit a steady upward trajectory. Instead, a closer examination of long-term trends reveals a pattern of cyclical fluctuations in billing rate increases. These...more

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 strategy where law firms offer different rate schedules for their...more

The Future of Law Firm Pricing: AI, Time, and the Quest for Genuine Value

In my last two pieces, we navigated the intricate landscape of the 2024 law firm rate setting and broached the powerful bond between law firms and clients when discussing rates and value. Today, let’s venture into the future...more

Building Stronger Client Bonds Through Strategic Rate Setting

Following up on my recent piece about navigating the complex landscape of 2024 law firm rate setting, I’d like to delve deeper into the symbiotic relationship between law firms and their clients, especially when discussing...more

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 importance of understanding the strategic value in pricing. As we look...more

Your AI Legal Strategy Framework Part 3

Summary: Building a strategy focused on fast-moving topics like AI requires a different approach. Assumptions are quickly proven false, and new ideas are introduced, causing our priorities to change. ...more

Your AI Legal Strategy Framework Part 2

Summary. Building a strategy focusing on a fast-moving topic like AI requires a different rhythm. Assumptions made today may be proven false quickly. And your priorities may be different tomorrow. As discussed previously in...more

Your AI Legal Strategy Framework

Law firm leaders face a mountain of AI noise at the extreme ends of the fear and greed continuum, drowning out the real story. But this phenomenon is familiar and has occurred before during other significant technological...more

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 dollars annually, directly hitting the bottom line.[1] They are even more skeptical...more

Making the Right Moves in a Year of Uncertainty

Recent legal industry reports (i.e., the Citi Advisory and Georgetown Report) have highlighted financial performance for law firms in 2022, which presented law firm leaders with many challenges and opportunities while...more

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 Misses. Pricing is one of your strongest drivers of profitability. Consequently, improvements here will result in meaningful implications for overall...more

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. In part one, I described the current precarious law firm rate-setting environment that attempts to find value balanced with talent inflation, demand...more

Fiscal 2023 Rate Strategies: 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 law firms may be heading into a more challenging time compared to the past five years, and it...more

Cash Management Actions to Drive Profitability

Great attention is paid to rate and pricing strategy for many law firms but, paradoxically, managing cash flow well is frequently overlooked. Imagine a scenario where a law firm executes pricing strategy terrifically only to...more

Strategic Data Applications and the Law Firm CMBDO

Good use of data is a differentiator, helping organizations act smarter and faster. But these ideas beg deeper questions....more

2022 Profitability Strategy Checklist

While we are in the early days, 2022 has already delivered many gifts to us, including stock market volatility, high inflation, the advent of military conflict, and continued law firm associate salary “wars.” Yet law firm...more

Thoughts About Law Firm Rate Strategies into 2022

A recent AP news headline indicated that the price of cars, gasoline, restaurants, food, and other goods matched a 13-year high, raising pressure on the Federal Reserve, “whose officials have repeatedly said the increases...more

3rd Annual Law Firm Profitability Survey: Firms are Pressing Harder on New Profit Projects Anticipating the Post-Pandemic...

Iridium Technology and LawVision recently released the results of our 3rd annual law firm profitability survey that assessed the sentiment and performance of large law firms in the heart of the pandemic....more

Your Realization is Wrong and What to Do About It

Realization, the long-standing hallmark of law firm performance, is ready for a makeover. While the metric is not inherently flawed, its calculation and application have been twisted, resulting in misinterpretation and...more

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