Pricing Strategy - thoughts from the Top 30 Law Firms

Trovus in collaboration with Logicalis chaired an event in January 2015, inviting five Managing Partners, five Finance Directors and five Pricing Specialists from Magic Circle and Top 30 law firms in the UK.

Executive Summary

The key areas that can be taken away from the event were:

• Focus should be on ‘value retention’.
• Pricing strategy is more than initial negotiations on headline and agreed rates. It is a process that strongly ties in with effective structuring of project delivery and tracking what has been delivered as part of the engagement.
• Half of the audience has started to introduce budget/gross margin conversations into PDRs with Partners to start shifting the culture and increase the focus on margins.
• 80% of the audience felt, they did not have a simple to digest visual aid to support Partners in decision making.

Below contains a summary of our interpretation of what was shared in the room. We covered the following topics:

• Key drivers and obstacles.
• Value retention.
• The behavioural change.
• Experienced outcomes and changes that firms have experienced.

Below is an example of some of Trovus’ best practice value cycle scheme with corresponding processes and behavioural change requirements.

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