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Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008
Rain Group, Aug 2008, Pages: 51
Pricing in the law firms & legal services industry: How do you compare?
A key element of growing your law firm and legal services firm is keeping ever-vigilant watch over your competition...who are they? What space do they occupy? Why do they attract and retain the same clients you aggressively pursue? What marketing and sales strategies do you need to put in place to guard against competitive inroads and help secure a profitable, leadership position?
The bedrock of competitive analysis includes having a solid grasp of competitor sales and marketing practices especially the fee structures, discounting guidelines, pricing approaches, and overall pricing models that can spell the difference between champion players and the also-rans.
With the Fees and Pricing Benchmark Report, you will learn exactly what the pricing landscape looks like in the law firms & legal services field, including:
- Does brand affect pricing?
- What are the hourly rates our competitors are charging (and getting)?
- How often do firms discount their fees? How much of a discount is offered?
- What are the most important factors firms consider when pricing legal services?
- What pricing strategies are most commonly used?
- Are service guarantees being used? What do these guarantees cover?
- What factors influenced price increases and decreases over the past two years?
Plus, this research provides a median hourly rate index by level of professional:
- Highest-level professionals (principal, senior partner, C-level managers, etc.)
- Upper-level professionals (VPs, newer partner, etc.)
- Advanced-level professionals (directors, experienced professionals)
- Mid-level professionals (managers, several years of experience, post-MBA, etc.)
- Entry-level professionals (new associates)
The Fees and Pricing Benchmark Report will allow you to measure your pricing strategies against the competition and determine if, and where, you may be leaving money on the table.
It will also provide keen insight into what the leaders in your industry are doing differently to stay ahead in a crowded market space.
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