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Pretium facere: The Romans Understood Pricing Better Than We Do

The Latin term for price is pretium. Closer investigation reveals that pretium also means ‘value’. The Romans had the same word for price and value: pretium = value = price; something that is at the core of every transaction.

Legacy Posts October 16, 2012

The Lawyer as Entrepreneur

In this guest blog post Chrissie Lightfoot – The Entrepreneur Lawyer - is interviewed by Preston Clark. Preston is a New York based attorney, business consultant and creator of TheLawInsider.com law blog http://www.thelawinsider.com.

Legacy Posts October 10, 2012

Keep Your Powder Dry – The Hidden Cost of RFPs

It’s no secret that corporate legal departments have embraced the use of RFPs and other competitive bidding mechanisms to identify, vet and engage outside counsel. Consider keeping your powder dry for the ones that survive the firms' own triaging process.

Legacy Posts October 07, 2012

Pricing, Analytics and the Cheshire Cat

"If you don't know where you're going, any road will take you there" said the Cheshire Cat to Alice. Unfortunately, there are some strong parallels between the aimless wanderings of Alice (from Wonderland) and the approach that many firms apply to the pricing function.

Legacy Posts September 26, 2012

Office Expenses - What Are Your Competitors Doing?

A cost benefit/analysis may reveal that whilst the practice generates additional gross revenue, this may be outweighed by the negative effects on client perception and attitudes. What does your firm do and what impact does it have?

Legacy Posts September 23, 2012

Free First Interview – Smart marketing initiative or a dopey waste?

Many firms have fallen into the habit of either offering or if insisted upon by a client or prospective client, agreeing to a free first interview. Is this a smart marketing initiative or a dopey value destruction strategy?

Legacy Posts September 08, 2012

Featured Article: Jordan Furlong (Canada) - The High Price of Poor Pricing

We, as a profession, are terrible at pricing. Awful. Lost. Clueless. Atrocious. Self-immolatory. I could go on, but only to hammer home the point, so that we can come to accept it more easily. The shoe fits, so we might as well wear it.

Legacy Posts August 28, 2012

Abdication of Pricing Responsibility: Whose Money Is It Anyway?

How many businesses do you know where the employees are given a mandate to set the price of the products or services? Would you invest in a business where the profitability fluctuated at the whim of mid-level or even junior staff?

Legacy Posts August 20, 2012

Run it Past the Firms’ Pricing Manager - 'The Firms’ What?'

As pricing analysis, policy and strategy becomes increasingly important for firms competitiveness and profitability, they are looking for increased expertise in the area, new breed is very slowly emerging – the Pricing Manager/Pricing Director.

Legacy Posts July 21, 2012

‘Value Pricing’ – Capitalist Acts Between Consenting Adults

'Value Billing' is variously described as ‘what the client will stand’, ‘hourly billing plus some more’, ‘ask the client what they think it is worth’ etc. However, there is no future for any pricing regime that lacks integrity, honesty and rigor.

Legacy Posts July 13, 2012

What Distinquishes Top Price Negotiators From the Rest? - Mindset

Many firms believe that they go into client price negotiations well prepared. Maybe this is true in terms of the offering itself (a moot point perhaps) but as often as not, they go into those discussions ill-prepared in terms of their mindset.

Legacy Posts July 08, 2012

I Don’t Give a Tinkers Cuss About Value – I Just Want the Lowest Price!

Firms are struggling to deal with commercial clients such as banks and other large corporates who at least outwardly eschew all attempts to develop a relationship, add value and differentiate the offering. Price is all that matters.

Legacy Posts June 24, 2012

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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®

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http://www.legalpricingacademy.com/

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