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Pricing Legal Services
Legal marketing executives recognize their responsibility to demonstrate a strong connection between revenue and productivity. Beyond the “value-added” components of their efforts, expectations have risen in law firms for the marketing team to contribute directly to top-line growth. While their roles typically fall short of direct selling to new clients, in recent years marketing executives have been integrally involved in ongoing account management, prospecting, and expansion. They are juxtaposed with the rainmakers ' practically joined at the hip in supporting partners as they embark into the legal market battlefield.
With the onset of new approaches to pricing legal services, the sliver of light between law firm marketing executives and partners has narrowed even further. Alternative Fee Arrangements (“AFAs”) have dominated the headlines of legal press and have crept into the mainstream media as well. How firms have approached this industry zeitgeist varies greatly. As in the steps of bereavement, the first hurdle for some has been to accept that this trend is here to stay. Slowly, firms have made it over that psychological threshold and are embracing the new model.
Value-Based Pricing Is on a Fast Track
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