Well, 2024 flew by, didn’t it? This was a year of sometimes very long days bundled together into fast weeks and even faster months for many. We now find ourselves ready to close another 12-month chapter, take a quick breather, empty the coffers, and start the whole crazy process over…with what feels like an ever-growing
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Strategic Pricing 2025: Year-End Insights and a Roadmap for Law Firm Leaders
By Mark Medice
As 2024 winds down, the legal industry navigates a shifting and increasingly complex landscape. Clients are growing weary of rising costs, amplifying the pressure on firms to balance rate increases with greater efficiency and value. At the same time, advancements in AI are unlocking opportunities to transform pricing strategies, offering innovative ways to enhance client…
Challenges to Effective Pricing Survey Chart
By Mark Medice
2024 Strategic Pricing Flash Survey Insights
on Knowing Your Value
I recently published our 2024 Strategic Pricing Survey findings, which uncovered significant insights into law firms’ successes and challenges in pricing strategies. The survey highlighted the continuation of solid rate trends into next year, the hurdles in rate management and pricing, the evolving design of…
The Shape of Things to Come
By Steven Bell
Sales is now an established function at law firms, continuing to gain ground as more and more client-facing professionals come on board to help firms grow faster and smarter, acquire new clients, and build deeper relationships with existing ones.
As sales matures at law firms, it’s time for this nascent category to learn from peer…
After 35 Years, Now What’s Next for Law Firms?
By LawVision
By Co-Founding Principals Susan Raridon Lambreth and Joseph Altonji
Co-author Susan Raridon Lambreth wrote an article for the American Bar Association Journal (ABA Journal) in 1989 about the future of law firms over the next 50 years. At the time, many other state bar publications published versions of the article as well. So, interestingly, because…
10 Years Later: It’s Still Minders Over Matters
What difference does a decade make?
In the legal industry, which has often been voted ‘Most Resistant to Change,’ a lot and not much all at once.
Ten years ago – almost to the day – I wrote a blog titled Law Firm Client Retention and Growth: We Are All Minders! It pointed out an…
Your Strategic Pricing Calculator
By Mark Medice
Over recent months, I’ve shared components of my strategic pricing toolkit, including the strategic pricing checklist, the pricing calendar, and the performance FICO score. This toolkit is vital in your strategic pricing framework, offering a structured approach to enhance pricing execution. It enables your firm to fully harness the power of strategic pricing by establishing…
Navigating the Year with Strategic Pricing in Law Firms
By Mark Medice
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…
Unveiling the Power of Legal Project Management: Driving Performance Through Data
As I geared up to co-chair the 14th annual program on legal project management (LPM) for the Practising Law Institute, I couldn’t help but marvel at the incredible evolution of this field since its inception in 2011. Back then, the concept of project management outside of the IT realm was a foreign language to many…
The Math Behind Declining Work Ethic
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…