Pricing

Few topics are as high on the agenda for managing partners and their chief financial officers (“CFOs”) as the topic of pricing. However, despite mounting client discontent, most law firms so far have been either unwilling or unable to change the way in which they price their services. This article argues that this is because most law firms continue to sell their partners and associates rather than selling legal services. It also provides some perspectives on the issue and summarizes small improvements that firms can make to better manage their pricing. A word of warning: This article goes somewhat beyond “alternative billing.”