In this podcast (28 min), Stuart Dodds talks to Alex MacDonald (Chief Client Value & Practice Management Officer at McCarter & English) about the importance of being confident in pricing and the approaches you should consider in the wake of COVID-19’s economic impact.
Stuart and Alex discuss themes in Stuart’s recent article Law Firm Pricing Approaches in Challenging Times, the importance of bringing the firm into pricing conversations and how to approach pricing in the near-term economic environment.
- If you’re not confident about your pricing strategy, you price either too high or too low, and you can damage client relationships and your reputation in the marketplace.
- Recognise the pricing conversation for what it is – a negotiation – and prepare accordingly.
- Understand the approaches you can take to deliver value to your client, in their language.
- It’s important to view pricing as a process of determining what a firm will receive in exchange for its services.
- Pricing is the foundation of profitability.
Stuart Dodds provides the following references in this podcast: