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51 Pages of compelling content, expert commentary, and incisive analyses
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51 Charts and tables that explicitly detail surprising findings
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7 Major pricing recommendations to recharge your marketing and sales outreach
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Aggregate insight culled from executives in the Law Firms & Legal Services Industry
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A median hourly rate index broken down by level of professional |
Available in 4 other industry reports: Marketing, Advertising, & PR; Consulting; Accounting & Financial Services; AEC
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.
Table of Contents
Section 1: Research Highlights & Recommendations
Research Highlights
Recommendations
Section 2: Pricing Strategies
Going Rates Pricing
Hourly or Daily Fees
Fixed-Fee Pricing
Value-Based Pricing
Retainer Fees
Contingent or Incentive Fees
Introductory Services
Cost-Plus Pricing
Section 3: Pricing Tactics
Challenges in Pricing Decisions
Pricing Decision Factors
Competitive Pricing
Average (Median) Hourly Billing Rates
Discounting
Competitor Pricing
Service Guarantees
Section 4: Firm Characteristics: Implications for Pricing
Larger and Smaller Size Firms
Firm Size by Annual Revenue and Number of Full-Time Professionals
Pricing Challenges and Decision Factors by Firm Size
Pricing Strategies by Firm Size
Median Hourly Billing Rates by Company Size
Brand Leaders
Pricing Challenges by Reputation Reach
Hourly (Median) Billable Rates by Reputation Reach
Change in Fees by Reputation Reach
Competitive Pricing by Reputation Reach
Profitability by Reputation Reach
Annual Revenue by Reputation Reach
Price-Increasers
Changes in Fees and Pricing
Pricing Challenges and Decision Factors Among Price-Increasers
Competitive Pricing by Price-Increasers
Profitability by Price Increasers
Section 5: Firm Demographics
Annual Revenue
Role Within Company
Profitability
Regional Location of Office
Portion of Revenue Coming from New Clients
Section 6: Methodology
Data Collection
Analysis
About RainToday.com
About Wellesley Hills Group
About the Authors
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Download an excerpt of the Fees and Pricing Benchmark Report: Law Firms & Legal Services Industry 2008 respondent firm demographics and research methodology.
Now Available: Fees and Pricing Benchmark Reports for 4 other Industries