Full Description
The legal profession is undergoing a significant transformation in how legal services are priced. The traditional billable hour model, which has dominated for decades, is increasingly being questioned by clients, firms, and legal professionals alike. The world of legal pricing is evolving rapidly, driven by shifts in client expectations, technological advancements, and new market dynamics. Law firms and legal professionals must adapt to these changes to stay competitive, ensure profitability, and meet the demands of a diverse and increasingly cost-conscious client base.
Mastering Legal Pricing: Strategies for Profit, Value, and Innovation explores the evolving landscape of legal pricing, addressing the challenges and opportunities that law firms face in adapting to modern economic demands. From the traditional billable hour to alternative models such as subscription-based services and value-based pricing, this book examines the impact of client expectations, technology, and evolving business strategies. It provides insight into the tools, frameworks, and strategies necessary to create more transparent and efficient pricing models that align with both client needs and law firm profitability.
Contents
Chapter 1: The changing landscape of legal pricing
By Michael Roster
Chapter 2: Beyond the billable hour - is change really occurring?
By Jae Um
Chapter 3: Aligning client expectations with value perception
By Stephanie Hamon
Chapter 4: Value-related qualities in legal pricing
By Steven A. Lauer
Chapter 5: The role of data and analytics in modern legal pricing
By Tanbir Jasimuddin
Chapter 6: Behavioural economics in legal pricing - understanding client psychology
By Richard Burcher
Chapter 7: Transparency and trust
By Jack Kingston
Chapter 8: Partner compensation and its impact on pricing strategies
By Tim Corcoran
Chapter 9: The intersection of technology and legal pricing
By Richard Burcher
Chapter 10: Trends in legal procurement
By Steph Hogg
Chapter 11: Measuring success - metrics and KPIs for legal pricing models
By Tanbir Jasimuddin
Chapter 12: Redesigning legal services to optimise for value and efficiency
By Alex Hamilton
Chapter 13: The future of legal pricing
By Richard Burcher
