Following the release of its November results, Nigel Haddon, innovative and progressive CEO of the 25 partner, 65 lawyer North West firm is very confident that it would reach more than £6.5m turnover when it releases its full year results in April, which will amount to a 10% rise year-on-year.
Innovative and ambitious...
Early this year we began working with Nigel Haddon, SAS Daniels CEO, to look at ways in which we could use pricing to assist the innovative and ambitious 25 partner, 65 lawyer North West firm achieve its strategic goals, one of which was (as is the case for most firms), a material increase in profitability.
We developed for the firm a customised pricing program intended to address all aspects of the firms' pricing, from pricing policy and governance, through to pricing levels, strategy, tactics, execution, pricing collateral, price negotiation training and training to deal with price complaints and 'push-back'. The program was rolled out across the firm in late June and early July.
Immediate results...
The results were immediate. As Nigel Haddon commented in this interview for the Business Daily Network after the firms November results were in, “This is the third time we have set a new record in billing this year and we are already 7.5 per cent up on turnover compared to the same period last year.”
The performance of the firm means it is now on track to post more than £6.5m turnover in the year to April 2013, up from £5.9m in 2011/12.
Nigel Haddon added, "I attribute a lot of the increase to the firms decision to bring much greater sophistication and competency to the pricing function."
We congratulate Nigel and the partners and management on their success.
Your firm can do it too...
For those not used to crunching the numbers, if a firm has a 20% gross profit margin which is fairly typical, a 10% increase in average gross revenue through smarter pricing as experienced by SAS Daniels, will, all else being equal, produce a 50% increase in profit.
Whether you are an international firm, a national or regional practice, a city mid-tier or a specialist boutique, we can guarantee a material and immediate positive impact. If you would like to find out if we may be able to help your firm achieve similar results, please:
- Have a look at our Services on this website for the pricing related services we offer
- Email - [email protected]
- Phone +44-(0)7585-637-617
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