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With 'The Pricing Espresso®' we aim to bring you your morning pricing 'shot' - the best, 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.

Espresso.1

“Because I’m Worth It!”

Shampoo

We have often made reference to the fact that when it comes to pricing, we lawyers could do worse than take inspiration from the often far more sophisticated pricing strategies of other industries and professions. We have for example taken and adapted some of the best pricing ideas and practices from hotel chains (yield management), airlines (customer segmentation and price discrimination), and fast food franchises (bundling) to name a few. Read more...

Two silks and a regional law firm have best High Court ‘win rates’

Royal-Courts-of-Justice

Boffins at Miami-based data analytics company Premonition claim to use artificial intelligence techniques to assess which litigators have the best win rates. And in England the researchers reckon that regional corporate-commercial firm Hewitsons, with an 88% High Court success rate in 2014, is the best horse to back. Read more...

Core Concepts in Measuring Law Firm Client Profitability

Monopoly-Money

Law firms continue to struggle with finding innovative ways to sustain a traditional business model. The key issue confronting firms of all sizes is how to maintain the same profit margins enjoyed over the years while at the same time addressing client concerns about the cost of fees. Read more...

Highest Rates Clients Pay Jump to $1600, Top Rates up 8%

Currency-keyboard-symbols

Clients pay $1,600 an hour after any discount as the highest rate in the market—a new all-time high for the top rate. And, this is not an isolated rate—more than a few clients report paying $1,600 per hour. Read more...

What Sophisticated Buyers of Legal Services Think About Big Law Firms

City-Landscape

The article is an interview with the General Counsel of Fannie Mae, Brian Brooks. General Counsels and major businesses like Fannie Mae know how to buy legal services, and they have great leverage with their law firms. Here are two excerpts to give you a feel for how sophisticated consumers of legals services think and act. Read more...

Harley Davidson: Pricing – Aligning Client's and Firm's Interests

Harley-Davidson

Most general counsels want a fixed fee in order to drive down their costs and be able to budget for a predictable legal expense; however, Paul Jones, the general counsel of Harley-Davidson, is an exception. About four years ago, he asked various firms to respond to a Request for Proposal (RFP) for a fixed fee over three years—not to reduce his costs, but for value and efficiency purposes. Read more...

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