Strategic pricing within law firms is more than just setting rates; it is a year-round endeavor that aligns with the firm’s pursuits, understands industry market cycles, factors practice innovation, and, most critically, delivers on client needs. The Strategic Pricing Phase Calendar is a component of the strategic pricing toolkit I’ve been detailing in my recent

At the College of Law Practice Management Futures Conference March 12 – 13, the theme was networks – collaborative, neural, professional, and more. There were many excellent presentations and the sharing in the breakout sessions was inspiring. That was due, in part, to the wonderful mix of diverse perspectives that reflect the College’s fellowship. The

Retaining and growing existing client relationships and building new business. That’s basically the business development strategy on which most firms are, or at least should be, focused. It is a sound strategy indeed, but where should the investments of resources (i.e., time, money, business development professionals, etc.) be made?
We can’t ignore the cost of

Law firm leaders constantly seek more effective and transparent measures to assess and boost their financial performance. Although traditional metrics such as effective rates, realization, profit margin, and leverage provide a foundation, their potential for misinterpretation and distortion often leads to more confusion than clarity.
In response, I created a new measure called the Partner

I read a great article in the Harvard Business Review on networking.  In “Don’t waste your time on networking events,” author Derek Coburn suggests that networkers are not achieving the results they’re looking for through networking events.
According to Coburn, “the most basic problem with traditional networking events is that they are mixing

As the year begins, law firms transition their pricing focus from the planning stage to execution. In the second half of 2023, firms were busy evaluating their rates and pricing strategies to prepare for 2024. Currently, the emphasis is on leveraging the skills of their personnel, optimizing pricing processes, and improving transparency across the firm.

It seems like most discussions of law firm productivity these days – from Partners to paralegals – include references to declining billable hours, which are further extended into comments on declining work ethic. Sadly, such comments are stated with an apparent resignation to the fate…that nothing can be done about it. I suppose this phenomenon

If your firm has a client, it has a sales process. After all, somehow, a buyer of legal services became aware of your firm and expressed interest. When a specific need arose, somehow the buyer thought to reach out to your firm, consider its skills and offerings, decided to proceed and engage the firm, monitored