MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
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<strong>20<strong>14</strong></strong> L<strong>AW</strong> FIRMS IN TRANSITIONEfforts to Support Pric<strong>in</strong>g StrategyQ:Is your firm do<strong>in</strong>g any of the follow<strong>in</strong>g to support its pric<strong>in</strong>g strategy?Develop<strong>in</strong>g data on cost of services sold72.6%Tra<strong>in</strong><strong>in</strong>g lawyers to talk with clients aboutpric<strong>in</strong>gIdentify<strong>in</strong>g each client's unique pric<strong>in</strong>gpreferences49.3%44.8%Incorporat<strong>in</strong>g pric<strong>in</strong>g <strong>in</strong> all plann<strong>in</strong>g effortsSett<strong>in</strong>g marg<strong>in</strong> goals <strong>in</strong> firm and practicegroup plans31.9%28.8%None of the above11.1%Efforts support<strong>in</strong>g pric<strong>in</strong>g strategyComparison by firm size:Under 250lawyers250 lawyersor moreDevelop<strong>in</strong>g data on cost of services sold 67.3% 87.0%Tra<strong>in</strong><strong>in</strong>g lawyers to talk with clients about pric<strong>in</strong>g 41.7% 70.1%Identify<strong>in</strong>g each client's unique pric<strong>in</strong>g preferences 42.2% 51.9%Incorporat<strong>in</strong>g pric<strong>in</strong>g <strong>in</strong> all plann<strong>in</strong>g efforts 26.1% 48.1%Sett<strong>in</strong>g marg<strong>in</strong> goals <strong>in</strong> firm and practice group plans 25.1% 39.0%None of the above 13.7% 3.9%An Altman Weil Flash Survey 26
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