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Value Pricing – Resources for Law Firms

Posted by Gene Turner on 01-Jul-2024 13:38:48

In my last post, I discussed the importance of value pricing in a firm's decision to use legal technology and reap its benefits.

However, how does a firm move quickly from time billing to value pricing while avoiding the pitfalls and mistakes others have already made and which are easily avoidable?

Don't just make it up through trial and error – get external help from experts.

Resources that can help firms move to value pricing

There are a lot of pricing consultants in the market, and I've also noticed that many are also starting to position themselves as value pricing experts despite largely having built their reputations on helping firms refine hourly billing models.

If you're interested in these ideas, I recommend looking first at people who have been living and breathing value pricing since well before it was cool. Some particular people that I recommend are:

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Topics: Practise of Law, Future of Law, Legal Technology, Law Firm Management, Value Pricing, Law Firm Strategy, Law Firm Profitability, Law Firm Pricing

These clients don't want to pay their lawyers less

Posted by Gene Turner on 01-Nov-2022 12:22:25

I had two interesting conversations with law firm clients last week.

Both involved scenarios under which our automation would improve an overall business process and result in the law firm needing to do less in generating draft documents.

Neither conversation was based on wanting to pay the lawyers less.

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Topics: Practise of Law, Document Automation, Legal Technology, In-House Legal, Law Firm Management, Legal Automation, Legal Operations, Value Pricing

Value for money in All of Government External Legal Services Contract

Posted by Gene Turner on 28-Sep-2022 08:52:42

The Ministry of Business, Innovation and Employment have just released an Advance Notice of their intention to re-tender the All of Government External Legal Services contract, which expires on 22 September 2023.

The revised fee structure caught my eye.

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Topics: Future of Law, In-House Legal, Law Firm Management, Legal Automation, Matter Management, Legal Operations, Value Pricing

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