PRICING MODELS
A FRAHAN LEGAL ACADEMY COURSE
What are the possible pricing models for legal services and how to determine which is best for you.
The ultimate purpose of your pricing strategy should be to increase simultaneously your practice’s profitability and your clients’ satisfaction and loyalty.
Billing by the hour may not be the most effective way to achieve both objectives. What are the alternatives? How to think creatively about pricing?
Available in English, French and Dutch. The content of the course may be customised to address your organisation’s specific needs and goals.
WHO SHOULD ATTEND?
This course is for senior lawyers with the authority to make pricing decisions (managing partners, practice group leaders, partners, counsel) and with an open mind to explore exciting alternatives to traditional, time-based billing habits.
WHAT PARTICIPANTS WILL LEARN:
THE BIG PICTURE ABOUT PRICING
The importance and impact of pricing
The double purpose of a successful pricing strategy
The economics of pricing professional services
The 7 pillars of an effective pricing strategy
Does your pricing strategy fit into your general strategy?
TIME-BASED PRICING AND ITS ALTERNATIVES
The pros and cons of time-based billing and why it is sub-optimal
Tips and tricks on blended rates, fixed rates, caps, success fees, etc.
Value-based pricing: What? Why? How?
PRICING EFFECTIVENESS IN ACTION
Using pricing to stand out among the competition
How to set up effective pricing governance in your firm
How to implement a new pricing model
Pricing psychology for the seller and the buyer
How to present a fee proposal and discuss fees with your clients
How to respond to discount requests
Collecting and using pricing intelligence
