Productivity and value-based pricing for law firms

How should you charge your clients? For your time or the value of your solution? In the age of law firm AI, why might value-based pricing be a promising strategy, offering potential benefits for your firm’s growth and success?

The SRA Transparency Rules 2018 helped some law firms focus on more than hourly rates and to revise and improve their processes and approach to pricing. Yet years later, few law firms have a dedicated pricing function or focus on productivity.

This webinar bridges technology use, management and productivity to explore how to leverage profitable options in your law firm, excitingly showcasing the potential of technology in boosting productivity.

Topics covered include:

• The advantages and disadvantages of hourly rates and why they limit profitability
• What we get wrong across the profession
• The concept of value pricing and how firms are already applying it in practice
• How focusing on your processes and use of technology (including but not limited to AI) can help raise productivity
• How critical it is to value your skills and the value to the client of the solution
• The dynamics of fee risk and price, and how to fix fees profitably