At the time of our engagement, our client was a large regional firm on the cusp of a merger. Therefore, they wanted to increase their profitability to obtain the best commercial result for the partners.
The trouble was, it was at the beginning of a recession and their clients were trying to cut legal costs and their competitors responded by discounting to maintain volume. Individual partners had significant autonomy with their pricing.
The firm completed two pricing reviews in the previous five years, both which failed to deliver significant benefit. While the Managing Partner was driven to improve pricing, the executive team believed it was too hard.