Mayson: disconnect between lawyers and clients over purchase of legal services

At a time when "the cost of legal services has generally been allowed to rise to unsustainable levels", lawyers and the clients need to reconnect the four key ingredients that go into the purchase of legal services – cost, price, value and relationship – Professor Stephen Mayson has argued. Read more...

Strategic pricing: Creating conditions to succeed

The difference between pricing legal work the way law firms have always done it and strategic pricing is simple: The former looks at the price tag from the law firm's point of view, focusing on revenue and profitability.

The latter focuses not on how much clients can be convinced to pay, but on perceived bang for the buck – that is, how the client defines and measures value in the context of its overall business. Read more...

Can 'Big Law' learn from hotel room design + airline pricing?

The lesson from Marriott is that appealing to customers and delivering what they want takes time, effort, research, iteration, and risk-taking. The company does not just assume it magically knows what will work. It does deep research. How many large law firms can say the same, at least with respect to how they deliver service. Read more...

Pricing matters for firms small and large

How much pressure is on smaller law firms? The Lawyer's brand new report in this year's UK 200 series, which analyses those in the lower 100 group by revenue, suggests the answer is simple: tons.

As Richard Burcher of pricing consultancy Validatum points out, "in a cluttered market where supply exceeds demand, a perennial challenge for firms is how to differentiate themselves and stand out from the crowd. There are many ways to do this but one that has had very little attention is pricing". Read more...