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Practical Innovations in Legal Pricing

Practical Innovations in Legal Pricing

Author: Edward Bowes
Publisher: Ark Group
ISBN: 9781783582921
Published In: July 2017
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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The pricing of legal services is no longer simply about setting rates. Properly optimising a firm’s pricing strategy is a critical source of competitive advantage and increased profitability, which now more than ever is crucial to staying relevant in the legal sector.

Firms must start looking to demonstrate their ability to provide clients with greater value through alterative fee arrangements, effectively controlled budgeting methods, and the integration of innovative firm management practices – whilst continuing to operate as a profitable business. Standard business principles have become the norm for firms – as clients become increasingly proficient in negotiating costs and defining the scope of engagement, service delivery must now be framed by value, expertise, and profitability rather than hours billed alone.

With contributions from pricing directors and expert consultants, Practical Innovations in Legal Pricing offers insight into newest effective approaches to pricing that top firms are undertaking. Taking an in-depth look at the role of shadow-billing and client collaboration in AFAs, integrating a firm’s legal project management and pricing functions for greater client benefits, and effectively executing a newly formed pricing strategy, this title will provide a comprehensive overview of the best practices in innovative pricing functions.

The roles and responsibilities of the pricing director

By Toby Brown, chief practice management officer at Perkins Coie and Vincent Cordo, global sourcing officer at Shell Oil

Executing on a pricing strategy: Critical challenges and lessons learned

By Danny Ertel, founding partner of Vantage Partners LLC

Pricing and salivating dogs

By Richard Burcher, managing director of Validatum (UK) Limited

It’s all about expertise and outcomes

By Michael Roster, co-chair of the Association of Corporate Counsel’s Value Challenge

Designing an objective-oriented fee arrangement

By Steven Lauer, principal of Lauer & Associates

Integration of the pricing and LPM functions

By Andreea Axani, manager of pricing strategy at Gowling WLG