Not Your Usual Law Firm:
We have recently undertaken a review of our pricing models, strategies aimed at significantly improving the pricing aspect of our relationship with clients.
Central to this process is the recognition that pricing should be a more collaborative process with clients and their needs at the centre of that process. It is obvious and absolutely right to us that clients want to see:
- Real efforts to reduce production costs. In other words, to move away from a cost-plus mentality
- Greater cost-consciousness – ‘spending’ our clients’ money with care, as if it were our own money.
- More pricing and payment options.
- Greater client involvement and engagement in the pricing aspect of the relationship.
- Greater pricing transparency.
- Greater pricing certainty and budgetary predictability – a ‘no-surprises’ policy.
- Greater correlation between price on the one hand and the perceived value of the results achieved on the other hand.
- Greater price risk sharing between our clients and us.
How does this philosophy benefit you? Attached is a flow diagram that we now use to engage with clients to help work through the pricing process.
At the start of our relationship, we will develop a clear understanding of what is important to you and what you are therefore happy to pay for. We will also want to know what is less or unimportant to you and what you are happy to pay less, if anything for.
There will also be the question of risk and the extent to which you are comfortable to assume price risk or you would prefer us to do so or whether we can share it, we will then very quickly be able to develop pricing and possibly payment options for you to choose from.
Clients have made it clear to us that they much prefer to be given choice rather than being presented with just a single option. We have responded to that. As you will see from our pricing model, there is a wide range of pricing and payment options that we can combine and deploy in an imaginative and innovative way that ensures that however the particular matter plays out, youcan be sure that you have had the best possible value for your needs.