Thought leadership is not about repurposing others’ material but constantly producing our own. This enables us to test new concepts, challenge the status quo and constantly seek to improve upon processes and methods. That’s why publishing relevant, actionable content is vitally important to us. We produce an award-winning pricing blog and provide our subscribers with quality, curated content from around the globe. We are regularly commissioned to produce articles for the profession’s pre-eminent publications including Managing Partner, Global Lawyer, Commonwealth Law Journal, The Times (London) and the Pricing Journal.

“My focus at Managing Partner magazine is to deliver high-quality content which pushes management thinking and best practice forward in law firms. I have worked with Richard Burcher since 2013 to develop thought leadership content on pricing strategies and I look forward to continuing to do so.” - Manju Manglani, Editor, Managing Partner

How about prioritising the hole in the bucket

Law firms, known for their rigorous legal work and strategic thinking, often lose substantial revenue due to avoidable issues. Problems such as unnecessary rate discounts, poor time recording, inadequate project scoping, and failure to communicate cost changes with clients contribute to these losses. While business development is crucial, firms must also focus on getting paid properly for the work they already do.

November 04, 2024

Virtual Pricing Director® Pricing Espresso - (31st October 2024)

With the Virtual Pricing Director Pricing Espresso® we aim to bring you your pricing 'shot' - with interesting, thought-provoking and informative material which will be of interest, relevance and help to you in your firms' pricing challenges.

October 29, 2024

Understanding Data Needs in Law Firms: Bridging the Gap Between Lawyers and Management

In today's law firms, data has become an invaluable asset, yet its utility varies significantly between two primary audiences: lawyers and management. Each group has distinct data needs that are crucial for their respective functions.

Unfortunately, many pricing software solutions fail to address these differences effectively, often sidelining the very individuals who could benefit the most—lawyers. This is where Virtual Pricing Director steps in, revolutionising how law firms can harness data to serve both audiences.

October 14, 2024

Are Clients Willing to Pay More When Defending a Claim? Understanding Loss Aversion and Its Impact on Legal Fees

When it comes to litigation, law firm clients usually face two distinct scenarios: defending a claim or pursuing one on behalf of their client. While both situations require legal support, clients might approach each with a different mindset—particularly when it comes to the fees, they're willing to pay.

An interesting psychological concept known as loss aversion helps shed light on this phenomenon and offers valuable insights into how clients might view legal fees differently depending on whether they’re protecting against a loss or trying to achieve a gain.

October 08, 2024

The Myth of the "Single Price" in Legal Services: A Closer Look at Market Dynamics and Profitability

Lawyers often justify accepting lower fees for their services with the argument that "there is a price in the market for a job like that." This rationale suggests that deviating even slightly from their perception of the market price will result in losing the work altogether.

However, the notion that there is a single, immutable price for a particular type of legal matter is more myth than reality. In truth, the market for legal services, like any other market, is characterised by a range of acceptable prices rather than a single fixed figure.

September 30, 2024

The Hidden Costs of a Lax Law Firm Culture

Law firm culture is usually discussed in positive terms of competitive advantage, collegiality, empathy, mutual trust and support. I could retire comfortably if I had a £ for every time I have been told that, “this is a nice place to work, everyone gets on, that is the most important thing, we don’t tamper with the firm’s culture”.

September 23, 2024

Virtual Pricing Director® Pricing Espresso - (23rd September 2024)

With the Virtual Pricing Director Pricing Espresso® we aim to bring you your pricing 'shot' - with interesting, thought-provoking and informative material which will be of interest, relevance and help to you in your firms' pricing challenges.

September 20, 2024

Price Discrimination: Oooh, that sounds nasty (and illegal?)!

No, it’s neither. It’s a ubiquitous pricing tactic used across just about every commercial sector with a mature approach to pricing but remains largely underutilised in legal services. Price discrimination is a pricing strategy where a seller charges different prices for the same product or service to different customer segments, based on their willingness or ability to pay. The practice aims to maximise the seller's revenue by capturing consumer surplus, which is the difference between what consumers are willing to pay and what they actually pay.

September 16, 2024

Financial Literacy Amongst Law Firm Partners: It’s Not Great

The level of financial literacy and commerciality among law firm partners can vary significantly depending on the firm, the practice area, and the individual partner's background. This is a major problem because those same partners are expected to price their work and run their departments, and their client matters with commercial rigour.

September 07, 2024

A Critique of the ABA’s Guidance on Generative AI: Addressing Market Realities in Legal Pricing

The American Bar Association (ABA) recently issued Formal Opinion 512, providing ethical guidance for lawyers using generative AI in their practice. While the ABA's position underscores important principles—ensuring competency, confidentiality, transparency, and fairness in billing—there are aspects of this guidance that warrant a more critical examination.

August 28, 2024

Virtual Pricing Director® Pricing Espresso - (22nd August 2024)

With the Virtual Pricing Director Pricing Espresso® we aim to bring you your pricing 'shot' - some of the most interesting, thought-provoking and informative material we can find globally which will be of interest, relevance and help to you in your firms' pricing challenges.

August 21, 2024

Leveraging Generative AI in Law Firms: A Balanced Approach to Cost Savings and Compensation

The legal industry is undergoing a transformative shift with the integration of generative artificial intelligence (AI). As law firms strive to enhance service delivery, the hybrid model—combining human expertise with advanced technology—emerges as a compelling strategy. This model not only promises substantial cost savings for clients but also necessitates a fair compensation framework for law firms to recover their technological investments.

July 19, 2024
https://www.virtualpricingdirector.com/

The coming together of these 3 power-house firms has enabled us to create something truly revolutionary. I have no doubt that Virtual Pricing Director® is going to drastically alter, for the good, the way lawyers price-up work” Richard Burcher, Managing Director, Validatum®, Chairman, Virtual Pricing Director® & Legal Pricing Academy®

Website
http://www.legalpricingacademy.com/

Whether you are just starting out on your pricing career or are already highly experienced, whether you want to undertake some ‘light-touch’ professional development or aspire to the pinnacle of Certified Legal Pricing Professional, the Legal Pricing Academy® can help you achieve your goals” Richard Burcher, Managing Director, Validatum®, Chairman, Virtual Pricing Director® & Legal Pricing Academy®

Website