Law firm revenues increased by 4.1 percent in the first half of 2016 according to Citi Private Bank’s most recent quarterly report on the legal industry. The increase largely stems from higher lawyer billing rates (average billing rates increased by 3.2 percent) rather than greater demand for services. It is possible that rates will continue to go up as many major law firms just increased associates’ salaries. For example, first year associates’ annual salaries went from $160,000 to $180,000.
This is an interesting development, since clients continue to consolidate the number of firms they work with and pay much more attention to legal billing. (Read Elizabeth Olson’s article in the New York Times here.)
Given this development, it will be more important than ever for you to master the pricing of legal services: Understanding what goes into law firms’ calculations, what are cost drivers, how you best negotiate, and what information you need to provide law firms to so they can give you more than a very rough ballpark figure that no-one feels accountable for. Many law firms believe that as their cost go up, their prices will go up as well.
Become a master of pricing of legal services – sign up for our PRICING BOOT CAMP
Join your peers and counterparts – legal procurement and operations professionals, and law firm pricing and business development professionals – for an intense pricing boot camp for legal services. Learn about Pricing Strategy & Tactics, Negotiations, and Implementation in New York on November 3. Click here for more information.
This pricing boot camp focuses on active, hands-on learning for both client-side professionals and law firm pricing/business development professionals. Experts will help describe best practices in “alternative” or “value” fee arrangements and best practices in effectively responding.
You will work on complex pricing case studies that are based on real-world experience. This is an active pricing boot camp, not an introductory session on legal services pricing. You will be expected to actively participate and need to read the case studies ahead of time.
You will have the opportunities to learn, network, exchange thoughts and experiences. You will take home practical, real-world lessons and how to navigate the turbulent waters of today’s legal market. Master the pricing of legal services – whether you are a buyer or a seller.
Online Boot Camp
If you can’t come to New York in November, participate in our ONLINE PRICING BOOT CAMP and learn about Pricing Strategy & Tactics, Negotiations, and Implementation remotely.
- Session 1: Wednesday, January 11, 2017
- Session 2: Wednesday, February 1, 2017
- Session 3: Wednesday, March 22, 2017
- Session 4: Wednesday, April 26, 2017
You will receive a pricing case study to prepare for each 90-minute session (remote access). You will get information from the experts and the opportunity to share your insights.
Sign up Now: Early Bird Pricing ends September 12, 2016:
- $250 for in-person participation (after September 12: $400)
- $150 for remote, online participation – for all four sessions (after September 12: $250)