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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
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
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
It seems like most discussions of law firm productivity these days – from Partners to paralegals – include references to declining billable hours, which are further extended into comments on declining work ethic. Sadly, such...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
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
“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
As the year closes and the new one begins, law firm leadership teams start to evaluate the areas of greatest success and determine where there may be room for improvement or growth in the coming year. eDiscovery directors and...more