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
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
“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
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
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
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
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