What are you doing about pricing and profitability in 2020? (first published on Validatum)

The 2019 PwC Law Firms Survey revealed that, “…the finance function’s top three priorities are pricing and profitability, working capital and business analysis/ reporting. These priorities are reflective of the continued high fee income write off levels and widening gaps…

Where’s the legal services pricing puck heading? (first published on Validatum)

Where’s the legal services pricing puck heading? is a compelling interview with Richard Burcher, the leading authority on pricing legal services and contributor to the Dialogue on Remaking Law Firms. Thank you for joining the Dialogue on Remaking Law Firms for a…

Billable Hours Targets & Bonuses: A Greater Misalignment of Interests is Difficult to Conceive (first published on Validatum)

Validatum has written and lectured extensively on previous occasions about law firms misaligned meritocracy structures and the capacity for that misalignment to encourage pricing behaviour that is sub-optimal for both the client and the firm. So, kudos to someone of…

Legal Pricing Academy Student Profile – Gareth Guyers (first published on Validatum)

We share some insights from a student of the Legal Pricing Academy – Gareth Guyers, Regional Billing Manager at Milbank in Singapore. Tell us a bit about your firm? Milbank is an international law firm founded in 1866 with the…

Planning for the RFP Storm… part 3 (first published by Validatum)

Last week, in the 2nd instalment of blog series ‘Planning for the RFP storm’, Steph Hogg, Validatum Head of Procurement, Bid & Tender Consulting, talked about the types of questions firms should be asking themselves and the pre-work that can…

Planning for the RFP Storm… part 2 (first published by Validatum)

In part 2 of this 3-part weekly series, Steph Hogg, Validatum Head of Procurement, Bid & Tender Consulting, will get into more detail on what that checklist looks like and why. Last week, the 3-part series began with what is…

Planning for the RFP Storm… part 1 (first published on Validatum)

This is part 1 in a series of articles on managing client RFPs, written by Steph Hogg, Head of Procurement, Bid & Tender Consulting at Validatum. I read the BTI Consulting’s ‘mad clientist’ blog with interest this morning, about the…

Hourly Billing and AI: The Perfect Pricing Storm (first published on Validatum)

It’s time to relearn what value pricing looks like. Law firms face overwhelming pressure from current and potential clients to do ‘more for less,’ resulting in rapidly growing interest in technology-augmented offerings. Firms are now focused on leveraging technology for…

Law Firm IPOs: Pricing on a Wing and a Prayer (first published on Validatum)

We usually begin our Partners Pricing Masterclasses with one of the most evocative of Warren Buffet’s quotes, ‘The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business…

The science of price sensitivity – yep, it’s a thing (first published on Validatum)

One of the many shortcomings in our current approach to pricing legal services is the preoccupation with merely pricing the job. While at face value this would appear to be all that is required, it is in fact only half…