Practical Innovations in Legal Pricing

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. 

Additional taxes may be applicable

Details

  • Publication date: July, 2017
  • ISBN: 978-1-78358-292-1

Description

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.

Contents

  1. 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

     
  2. Executing on a pricing strategy: Critical challenges and lessons learned

    By Danny Ertel, founding partner of Vantage Partners LLC

     
  3. Pricing and salivating dogs

    By Richard Burcher, managing director of Validatum (UK) Limited

     
  4. It’s all about expertise and outcomes

    By Michael Roster, co-chair of the Association of Corporate Counsel’s Value Challenge

     
  5. Designing an objective-oriented fee arrangement

    By Steven Lauer, principal of Lauer & Associates

     
  6. Integration of the pricing and LPM functions

    By Andreea Axani, manager of pricing strategy at Gowling WLG

     
  7. Pricing legal work is a two-way street

    By Timothy B. Corcoran, is principal of Corcoran Consulting Group, LLC

     
  8. In-house perspectives on shadow-billing

    By Vincent Cordo, global sourcing officer at Shell Oil

     
  9. Innovative Pricing: The gap between client’s expectations and law firm’s delivery

    By Chris Howe, director of Raedbora Consulting

     
  10. Componentized budgets for cost benefit analysis

    By Peter Lane Secor, director of strategic pricing and project management at Pepper Hamilton LLP
Download chapters

Authors

Timothy B Corcoran
Timothy B Corcoran has led very profitable companies as a senior executive of several prominent businesses serving the legal profession, as well as leading the business development function of one of the world’s largest law firms. He now advises law firm leaders on how to profit in a time of great change, with particular emphasis on strategy, business process improvement, legal project management, and business development. He also advises legal vendors on market strategy and sales force readiness. He is a noted speaker and columnist and the author of Corcoran’s Business of Law blog.
Richard Burcher
Richard Burcher is a former 30-year practicing lawyer, public notary, and managing partner, and a member of the only global specialist pricing organization, the Professional Pricing Society (USA). He is now Managing Director of Validatum®, a UK-based international legal services pricing consultancy, providing pricing consultancy advice and implementation services to the legal profession. Richard’s work on pricing legal services has been extensively published in numerous national and international publications.
Peter Lane Secor
Peter Lane Secor is the director of strategic pricing and project management with Pepper Hamilton LLP. Mr. Secor concentrates on legal project management with a focus on improving effi ciencies through shared management responsibilities, strengthening communication and making value transparent. His expertise includes client/matter profi t analysis and providing partners with performance evaluations from a fi nancial perspective.
Michael Roster
Steering committee co-chair, Association of Corporate Counsel’s Value Challenge
Danny Ertel
Danny Ertel is a founding partner of Vantage Partners LLC, a spin-off of the Harvard Negotiation Project, where his practice focuses on helping organizations negotiate, manage, and (when necessary) remediate their most important commercial relationships. Danny has written four books, the latest of which is The Point of the Deal: How to Negotiate when Implementation Matters. Danny was previously a partner at Conflict Management, Inc., a senior researcher at the Harvard Negotiation Project, an attorney with Debevois & Plimpton, and a clerk to the Hon. Justice Harry A. Blackmun of the US Supreme Court.
Vincent Cordo
Global sourcing officer at Shell
Andreea Axani
Manager of pricing strategy at Gowling WLG
Steven A Lauer
Steven A Lauer is principal of Lauer & Associates and consults with law departments and law firms on the value of legal services.