Validatum Pricing Espresso® has been in hibernation for a while but readers tell us they miss the insights, so we are back into writing original content and curating the best relevant material we can find from others. Thanks for the vote of confidence!
With the Validatum 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.
Who is Responsible for Profitability in Your Firm?
It's not who you might think...?
Legal PR firm, Byfield Consultancy, has just published a report in association with London Business School, entitled ‘The Six Things Keeping Managing Partners Awake at Night’.
Unsurprisingly, 70% of managing partners currently find themselves staring at the ceiling in the wee hours over ‘Financial Performance’. To say nothing of the fact that as the Financial Times reported recently – Pandemic Widens Gap Between Law Firm Winners & Losers (pay wall), the delta between the firms that will prosper in the new environment and those that will flounder is widening dramatically. Read more...
Remote Work Could Shift Big Law's Billable Hour Focus From Quantity to Quality
The combination of boundary-less remote work and white-hot demand across a number of practice areas has many associates on the brink of billable-driven burnout.
But there is a silver lining: some firms have taken notice not just of how productive their attorneys have been working from home, but how efficient they’ve been as well. And those firms have also begun to realize that happier, healthier attorneys might just be more valuable than a couple hundred extra billable hours each year. Read more...
Be Careful What You Wish For - Pricing Tech-enabled Legal Services
These are the results of a recent global survey of Validatum’s law firm clients. They won’t surprise anyone. They were some of the concerns and solutions explored in a webinar we presented yesterday in collaboration with Kira (Chloe Doyle) and John Craske, CMS head of innovation and legal operations.
Law firms face increased pressure to do 'more for less' resulting in rapidly growing interest in and adoption of compelling technology-augmented hybrid offerings: focused on process-oriented work, applied at scale, leveraging technology to produce effective solutions. Read more...
Firms Are Eying Subscription Model Pricing (another reason you should take a look at our pricing software Virtual Pricing Director®)
Lawyers who have tried it say subscription-based pricing may not work for every practice area, but in spots where there are repeatable processes, it could provide exactly what clients are clamoring for.
Subscription-based pricing isn’t just for Netflix and Hulu, as law firms are also increasingly offering subscription fees for their services. But for subscription pricing to spread beyond select practice groups, observers said industrywide beliefs—and not just technology—will need to evolve. Read more...