Pricing has a greater impact on a firm’s profitability than any other lever and yet in many firms significant opportunities exist to improve pricing practices. In a difficult economy, the importance of pricing multiplies.
The current economic environment has driven most clients to re-evaluate the value they are receiving from their law firms. More than ever before, firms are being required to justify their price. Failure to do so results in price erosion or the loss of business.
Never before has the pricing of legal services received so much attention. The economic downturn brought into sharp focus the need to control legal expenditure. Many clients have significantly evolved their approach to purchasing legal services and are demanding more from firms – for less.
Law firms are realizing the need to develop their pricing competence in order to effectively deal with these increasing client pressures.
This week Acritas has hosted two legal masterclasses, one in New York and another in London, providing practical guidance on how to achieve optimum pricing.
The seminar was facilitated by Colin Jasper, an Acritas Associate and international expert on pricing strategy for leading professional service firms.
The workshop helped attendees to:
► Develop a comprehensive understanding of pricing theory as it relates to the legal services market
► Understand leading pricing practices within the professional services market
► Develop an integrated pricing strategy
► Explore various pricing tactics designed to increase profit margins while simultaneously increasing market share
► Develop your knowledge of how to successfully price tenders, and
► Identify and prioritize opportunities to improve your firm’s pricing outcomes.
The workshop also explored case studies of how firms have significantly improved their pricing outcomes through the application of leading pricing practices.
If you would like to find out more about this session or any other legal masterclass Acritas is able to offer to support your law firm growth then please contact Jo Summers at email@example.com or call +44(0)808 178 3020