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Pricing Management Survey

BY Michael Roch
August 26, 2010

In spring of this year, the author's firm, KermaPartners, conducted a comprehensive, worldwide survey of pricing management practices in the legal sector. The KermaPartners 2010 Pricing Management Survey shows that law firms continue to face a significant execution gap in the context of pricing management ' meaning they intellectually understand what's needed to price legal services more effectively, but they struggle in executing this to their advantage. We polled law firms from the UK, Continental Europe and the United States about their approach to pricing in their firms, ranging in size from 25 to 300 partners. The key takeaway is that firms recognize the importance of pricing as part of their business model, but too much lip service is paid to pricing management.

Pricing Management Is Not Implemented As a Priority Element of Strategy Execution

More than 75% of our respondents considered pricing a strategic priority, but only 61% of respondents indicated that they have a clearly defined pricing strategy that is aligned with the firm's strategic objectives. At the same time, 54% of respondents were either neutral or disagreed that they effectively communicate their pricing strategy throughout the firm.

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