Law Firms: Industry Overview
Common challenges, growth opportunities, and key steps to capture your full value and drive realization through more sophisticated pricing strategies.
Does your pricing strategy deliver desired realization and margin expansion?
Law firms often utilize a variety of fee structures, leverage models, contract terms, and specialty discounting to balance costs and deliver service levels customers expect. Additionally, law firms uniquely face significant risk of price leaks through the rate negotiation and billing process.
With so many factors to consider, it can be difficult to effectively manage rates and realization while maintaining strong relationships and efficient processes across practice areas.
Answer critical questions related to:
- Common challenges for law firms that lead to unexpected profit leaks and margin stagnation
- Critical decision points throughout the engagement cycle that inform profitability
- How to identify and approach meaningful opportunities in your business, including organic growth levers to drive revenue
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