Corporations demand changes in law firm billing. A major shift is taking place as more corporations shop for legal services based on price, not brand. The old law game is ending; learn how to play the new one.
Despite the recession, lawyers still can charge a lot. Have they escaped the law of supply & demand? No, they've merely delayed it a bit.
Technology is making it possible for lawyers' clients to predict cost and outcome. Are lawyers ready to keep up with them?
Clients want cost predictability, not arguments why they can't have it. Spend your energy coming up with viable alternatives.
More about why it's worth it to lawyers to develop the capability to offer reliable fixed-fee estimates.
Time worked has no inherent value. The output of work has value; how long it takes is irrelevant. So, why do lawyers sell time?
Law is now a buyer's market. Treat your practice like a startup, and apply these disciplines to assure you generate the revenue you need.
Predictions: over half of the world’s high-end legal work will be disappearing or losing its profitability.
Learn how to collaborate with your client to provide the cost certainty they now demand using “A Collaborative Approach to Pricing.”
Learn how to collaborate with your client to create a more reliable fixed-fee estimate that shares the risk fairly.
Lawyers can introduce a collaborative pricing process that eliminates almost all of the risk for both sides.
Hourly billing means inherent conflict between lawyers’ and clients’ self-interest. Forget zero-risk; prioritize which risks are of greatest impact.
Lawyers: Explore all the costs of indecision: Strategic, Operational, Economic, Emotional. Only then will Price be in its proper perspective.