Pricing in the next normal – managing pricing conversation during a financial crisis

In this article, first published in Briefing, Stuart Dodds explains how to manage pricing conversations with clients during an economic downturn.

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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