RainToday.com Releases New Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008FRAMINGHAM, MA – May 31, 2008 – The newly released research study from RainToday.com and the Wellesley Hills Group, Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008, finds that brand leaders (45% of responding law firms) are more likely to have earned a profit of 30% or more in the past year, (36% compared to only 15% of lesser-known firms). Furthermore, brand leaders receive higher revenue, experience greater revenue growth, and charge higher prices than lesser-known firms.
“It's clear the firms that are well-known in their target markets receive higher fees at the highest professional levels, are more likely to see their revenue grow, and are more likely to earn higher profit levels than firms that are not as well-known in their target markets,” said Mike Schultz, President of Wellesley Hills Group and Publisher of RainToday.com. “In our field work, we've seen firms that approach branding rigorously - in a way that engages staff at the firm, as well as the buyers in the market - generate more positive business outcomes than other firms.”
Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008 provides the actual hourly rates various levels of professionals in law firms charge and realize. Other major findings include:
• 76% of law firms discount their fess
• 52% of firms engage in research to identify their competitors’ pricing
• Going rates and hourly or daily fees are the most common pricing strategies used by law firms
• “Types and levels of professionals” and “your firm’s experience” are the most important factors law firms consider when setting prices
• 47% of law firms offer some sort of service guarantee
“People want to know about how they compare to others regarding fee structures, pricing approaches and strategies, discounting, and overall pricing challenges,” said Rachel Hayes, report co-author and Vice President of Wellesley Hills Group. “Knowing how competitors in the industry are pricing their services will help firms be more competitive and more confident in their pricing.”
Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008 is one of five industry reports released on the topic by RainToday.com. Fees and Pricing Benchmark Reports are available for the following industries: Consulting; Marketing, PR, and Advertising; Architecture, Engineering, and Construction; and Accounting and Financial Services.
For additional report details and to view a complete table of contents of the Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008 report, please visit the RainToday website at http://www.raintoday.com/feesandpricinglaw.cfm.
About RainToday
RainToday.com is the premier online provider of information, resources, and tools for service business rainmakers, marketers and leaders. RainToday.com features the most up-to-date resources including articles by industry experts, how-to-guides and tools, sales and marketing research reports, webinars and events, and a weekly newsletter. For more information, visit http://www.raintoday.com.
About Wellesley Hills Group
The Wellesley Hills Group is a management consulting, marketing, and lead generation firm focused on helping professional services firms grow. Wellesley Hills Group publishes RainToday.com to provide a premium source of information for professional services firms and service practitioners to help them market and sell their services.
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