This article first appeared in Briefing.  Below are the top 4 take aways on how to manage the pricing conversation with clients during an economic downturn.

1. Highlight your value

  • Emphasize the value and outputs delivered
  • Proactively engage with clients about current ongoing matters
  • Help to re-evaluate their legal priorities

2. Take a firm-wide view to managing investments

  • Put emphasis on good pricing governance and oversight
  • Avoid ‘random’ discounting

3. Review and refine practice group pricing approaches

  • Define and agree your practice group-specific pricing strategies
  • Encourage more frequent discussion of pricing themes

4. Segment and understand your clients

  • Segment your client base by likely pricing behaviours
  • Proactively identify ways to help the client and to mitigate any potential impact on the firm

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