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<b><i>At the Intersection:</i></b> Strategic Pricing

By Pamela Woldow
November 30, 2015

The difference between pricing legal work the way law firms have always done it and strategic pricing is simple: The former looks at the price tag from the law firm's point of view, focusing on revenue and profitability. The latter focuses not on how much clients can be convinced to pay, but on perceived bang for the buck, that is, how the client looks at value in the context of it overall business.

The Plan, Boss, The Plan!

Every year, most law firms undertake a strategic planning process, and every year their top three goals are the same:

  1. Generate more revenue;
  2. Become more profitable; and
  3. Make certain we have (or go get) the right talent to achieve items 1 and 2.

If you read further into the strategic plan summary that every partner parks in a bottom desk drawer, somewhere waaaaay down the list of firm objectives you may find some vague reference to measuring client satisfaction or client performance management.

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