Don't ignore this connection between law firms' thought leadership and their rates
In this video, Wayne Pollock (Founder of Copo Strategies and the Law Firm Editorial Service) explains how thought leadership impacts a law firm's ability to charge premium rates. == Learn more about Wayne Pollock:...more
The 2025 LawVision Strategic Pricing Survey revealed a sobering reality: three out of four partners don’t know their fair value, and more than half don’t understand the link between pricing and profitability. While rate...more
The 2025 LawVision Strategic Pricing Survey lands at a moment of heightened uncertainty in the legal economy. Just one year ago, confidence was noticeably higher across firms. Today, despite continued upward movement in...more
Artificial intelligence (AI) is transforming industries across the board, and the legal field is no exception. Clients today are increasingly turning to AI tools like ChatGPT, Google’s Gemini, and other generative platforms...more
With audit activity from the Defense Contract Audit Agency (DCAA) on the rise, government contractors—especially small and mid-sized businesses—must be prepared for increased scrutiny. In Part 1 of this 3-part webinar series,...more
In The Hitchhiker’s Guide to the Galaxy, a race of hyper-intelligent beings builds a computer to discover the ultimate answer to life, the universe, and everything. After seven and a half million years, the machine reveals...more
For decades, law firm financial models have been built on a simple premise: people doing lots of work. The industry has functioned on the billable hour, where time is directly equated with money. It has become a universal...more
A few years ago, I wrote a blog on proactive profitability. Given the evolving dynamics and trends in pricing in 2025, I want to explore a parallel concept: proactive strategic pricing. ...more
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
After 20 years in partner recruiting, I have learned from hundreds of recruiters and thousands of candidates what motivates partners to change firms. And it might surprise you to learn that money is usually far down – or...more
Is it budgeting season already? Legal Operations are often asked to own the legal department’s budgeting efforts, and many find the process painful. Finance may provide a template to fill out, but it can be difficult to...more
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
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
Do you want to see something scary? Borderline terrifying? Foreshadowing of major, inevitable changes in the practice and business of law? Take a look at this horror-show of a chart from the Thomson Reuters Institute &...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
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
As we all gaze into our crystal balls and try to predict what will happen in 2024 with any degree of certainty, our views are pretty hazy. Think back to this time last year, which was filled with much handwringing,...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
It’s time to discuss the impact of artificial intelligence on the traditional billing structure in the legal profession. With the rise of AI and Generative AI technology and its potential to streamline tasks and matters, it...more
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
Minnesota Attorney General Keith Ellison recently announced steps the office is taking as part of its “renewed focus” on medical billing. “The Minnesota Attorney General’s Office has long been concerned with medical billing...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
On July 7, 2023, the Consumer Financial Protection Bureau, U.S. Department of Human Services, and U.S. Department of Treasury (collectively, the “agencies”) launched an inquiry into high-cost specialty financial products...more