Pricing Excellence Workshops

Our workshops are designed to develop both the capabilities and the confidence of partners in the area of pricing. The objectives of each workshop are outlined below.

Many partners feel uncomfortable pricing their services. Building their knowledge in the field can improve their confidence. This session covers:

  • Contemporary theory and practice for the pricing of professional services
  • How to influence a client’s willingness to pay
  • Leading practices in pricing professional services
  • Practical guidance for improving the pricing outcomes in your practice

To avoid competing on price, firms must compete on value. This session focuses on credibly demonstrating the value we deliver to clients. It covers:

  • A comprehensive framework for identifying the value lawyers create for clients
  • An exploration of how leading partners effectively demonstrate the value they deliver
  • Methods of communicating value before, during and upon completion of matters

When partners struggle to win work at rates targeted by their firms, the common response is to offer a bigger discount. This significantly impacts on the profitability – and viability – of the practice. Rather than win work at discounted prices, partners need to know how to win work at premium prices. This session covers:

  • How to identify opportunities to win work at premium prices
  • How to justify why we should be chosen, even if we are more expensive
  • Alternative strategies for dealing with low utilization

Most sophisticated clients seek estimates from firms and are increasingly treating these estimates like capped fees. This session covers:

  • A range of approaches for creating estimates including how to deal with uncertainty
  • Practical tips for increasing the chance of success when providing an estimate
  • Strategies for dealing with cost over-runs and scope creep in a manner that clients appreciate

Clients are regularly seeking more innovative pricing arrangements from firms and yet they are often disappointed with the response. This session covers:

  • Dealing with client requests for innovative pricing arrangements
  • A comprehensive look at AFAs, when to use them and how to manage them
  • A practical guide to using AFAs including an exploration of leading case studies

Increasingly large clients are requiring firms to submit bids in order to win projects. While tender success can be essential to ensuring a regular flow of work, the pricing of bids may significantly restrict the profit potential of the firm. This session covers:

  • A broad range of practical strategies to increase success rates in competitive bids
  • Research evidence on how clients perceive firms actually differentiate themselves to justify selection
  • When to loss-lead and how to deal with “low ball” competitors

Clients are under pressure to contain and reduce their budgets. Not surprisingly, they are increasingly negotiating fees with firms. This session covers:

  • Dealing with common pricing challenges such as “The estimate’s too high”, “That’s more than your competitors”, “I thought that was included in the original estimate”, and “Other firms are offering me a 20% discount”
  • Converting confrontational negotiations into relationship development exercises
  • Strategies for dealing with different types of clients including aggressive buyers

Mid-market firms often feel their pricing is constrained both by the high levels of competition from direct competitors and by premium firms competing aggressively in their space. This session covers:

  • How leading mid-market firms have increased their price-setting discretion
  • How to compete effectively – and justify our price – against premium firms, other mid-market firms and low-cost alternative providers
  • Behaviors that drive the success of mid-market firms

This year shapes as an important year for firms to get their pricing right. With the market in turmoil, the likelihood of strong demand and clients under cost pressure it’s creating the perfect storm. This session covers:

  • How to determine the “right” price
  • Addressing clients’ needs to contain cost, without discounting your price
  • Justifying why you should be chosen, even if you are more expensive
  • Demonstrating that your price is fair

A recent report described client experience “as the new frontier on which law firms are competing.” To enhance the client experience firms need to make all interactions with clients – from engagement through to invoicing – as seamless and positive as possible. Unfortunately, research indicates that the primary issues damaging the client experience are all pricing related. This session covers:

  • The various pricing interactions that can damage client relationships
  • The contrast between client and partner concerns with pricing
  • How firms can use pricing to enhance the client experience

Outcomes

Ready to take a more positive approach to pricing? Talk to us today about in-house training for your firm and let us help you win more work at higher prices while building client satisfaction.

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