The pricing of legal services is no longer simply about setting rates. Properly optimising a firm’s pricing strategy is a critical source of competitive advantage and increased profitability, which now more than ever is crucial to staying relevant in the legal sector.
Firms must start looking to demonstrate their ability to provide clients with greater value through alterative fee arrangements, effectively controlled budgeting methods, and the integration of innovative firm management practices – whilst continuing to operate as a profitable business. Standard business principles have become the norm for firms – as clients become increasingly proficient in negotiating costs and defining the scope of engagement, service delivery must now be framed by value, expertise, and profitability rather than hours billed alone.
With contributions from pricing directors and expert consultants, Practical Innovations in Legal Pricing offers insight into newest effective approaches to pricing that top firms are undertaking. Taking an in-depth look at the role of shadow-billing and client collaboration in AFAs, integrating a firm’s legal project management and pricing functions for greater client benefits, and effectively executing a newly formed pricing strategy, this title will provide a comprehensive overview of the best practices in innovative pricing functions.
- The roles and responsibilities of the pricing director
By Toby Brown, chief practice management officer at Perkins Coie and Vincent Cordo, global sourcing officer at Shell Oil
- Executing on a pricing strategy: Critical challenges and lessons learned
By Danny Ertel, founding partner of Vantage Partners LLC
- Pricing and salivating dogs
By Richard Burcher, managing director of Validatum (UK) Limited
- It’s all about expertise and outcomes
By Michael Roster, co-chair of the Association of Corporate Counsel’s Value Challenge
- Designing an objective-oriented fee arrangement
By Steven Lauer, principal of Lauer & Associates
- Integration of the pricing and LPM functions
By Andreea Axani, manager of pricing strategy at Gowling WLG
- Pricing legal work is a two-way street
By Timothy B. Corcoran, is principal of Corcoran Consulting Group, LLC
- In-house perspectives on shadow-billing
By Vincent Cordo, global sourcing officer at Shell Oil
- Innovative Pricing: The gap between client’s expectations and law firm’s delivery
By Chris Howe, director of Raedbora Consulting
- Componentized budgets for cost benefit analysis
By Peter Lane Secor, director of strategic pricing and project management at Pepper Hamilton LLP