As 2024 winds down, the legal industry navigates a shifting and increasingly complex landscape. Clients are growing weary of rising costs, amplifying the pressure on firms to balance rate increases with greater efficiency and...more
I recently published our 2024 Strategic Pricing Survey findings, which uncovered significant insights into law firms’ successes and challenges in pricing strategies. The survey highlighted the continuation of solid rate...more
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
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
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
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
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
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
“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
I am enjoying the discussion going on these days about hourly billing. Rachel Barnett of Brooks Brothers recently outlined a well-articulated view of the negatives of the billable hour. Colin Jasper then turned the topic...more