By: Paul Rutherford
The other part of the equation is value. This has both upside and downside potential. There is much work that is the keep-me-out-of-trouble type, and great resentment that can cause (“I have to pay...
View ArticleBy: intelligentchallenge
Good call. Value based pricing as a concept is definitely reaching the legal market, but it’s harder to ascertain value for some services than others. Of course, really calculating value is hard in a...
View ArticleBy: Orijit
Mark as always you have raised very important questions. I look forward to the answers. How do we bake in processes into law firms thinking that enables them to use simple tools to understand ROI on...
View ArticleBy: intelligentchallenge
I think part of the challenge is that law firms have very sophisticated costing systems when it comes to capturing the time involved in creating a piece of legal advice. They are less sophisticated...
View ArticleBy: robin williams
Given the massive margins lawyers charge I don’t think they really need much advice on profitability. Most businesses would give their eye teeth to make money like that, so they can’t be doing much...
View ArticleBy: intelligentchallenge
Hi Robin & thanks for the post. While it’s undoubtedly true that the most successful lawyers certainly do make very healthy profit margins, there are many, many firms (and this is just looking at...
View ArticleBy: Chris
Without intimate knowledge of how law firms operate and speaking as a soft-nosed commercial operator I would raise a balancing comment; sometimes a raised level of awareness can drive a degree of...
View ArticleBy: intelligentchallenge
Good call Chris, you make a good point: the yin and the yang; balance is definitely required.
View ArticleBy: The end of the beginning « The Intelligent Challenge
[...] but in the world of commercial law, pricing models continued to vex the profession, with pressure on profits resulting from a growing rejection of the billable hour model and a re-examination of...
View ArticleBy: Julian Summerhayes
Mark I now find this debate almost entirely sterile (sorry – no I am sorry to be putting it so bluntly). I joined my first law firm in 1996 and the then senior partners were just being exposed to the...
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