Stuart Dodds speaks with Totum’s Martyn Draper about the increasingly strategic role of pricing in today’s legal profession.

Watch our short video (4 min 21 sec)

The key takeaways from this video

  • The strategic reasons why law firms are focused on building their strategic pricing knowledge include
  1. Profits – a 5% improvement in profit for a law firm generating £50M per annum is £2.5M on the bottom line
  2. Differentiation – have better pricing conversations with clients that reflect the value of the work produced by firms
  3. Strengthening Client Relationships – focusing on getting the pricing conversation right helps deliver value over and above technical legal advice
  • Pricing has moved from a “help me solve my pricing problems” discussion to being far more strategic
  • Pricing roles are moving into the c-suite because firms recognise the impact they have on strategy and profitability
  • A strategic approach to pricing supports innovation with focus on the right commercial projects and clients

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