Dear client, inflation last year was 2.7%….. (first published on Validatum)

by Richard Burcher

Unfortunately, we still see many firms approach to this limited to not much more than a standard letter that begins “Dear client, we hope you are well. As you know, inflation last year was 2.7%…”

Notwithstanding the latest lockdown, we have been heartened to see that like many businesses, the legal sector is gradually emerging from its nuclear bomb shelter, taking precautions and otherwise just cracking on.

It therefore seemed timely to do a quick recap on some of the things we have going on in the pricing space…

NEW: ANNUAL RATE REVIEWS AND COVID WORKSHOP

This is a new workshop that we have just developed to address two contemporary problems, one as old as the hills and the other, hopefully only temporary;

1) The ubiquitous annual rate review: Unfortunately, we still see many firms approach to this limited to not much more than a standard letter that begins “Dear client, we hope you are well. As you know, inflation last year was 2.7%…”

The best results are in fact achieved through a far more granular, nuanced, data driven, client segmentation and emotionally intelligent approach.

2) Strategies for pricing in the current economic climate: The pandemic has thrown up all sorts of novel challenges. So in response to demand that began in March, we have run many of these short workshops to help firms bring structure, discipline and consistency to changes in clients purchasing patterns and price sensitivity.

PARTNER & ASSOCIATE PRICING MASTERCLASSES

It would be fair to say that we have built our international reputation around the masterclasses. They aren’t for the fainthearted and they aren’t for firms that are still just dabbling with pricing. But if you are serious about it, they are the beating heart of our four pillars approach to a firmwide pricing improvement initiative; pricing governance, pricing analytics, pricing execution and pricing technology.

BIDS & TENDERS

These days most firms have talented BD and pursuit professionals. It has been great to see this aspect of the profession really coming into its own in the last few years. However, sometimes you just need a bit more. Whether it is professional development of your people or specific assistance with a major pitch opportunity or panel review, we can bring real bench strength to the problem.

Lead by Validatum’s Steph Hogg, one of the most highly qualified and experienced legal procurement professionals in the UK and a former FTSE 100 head of legal procurement, there aren’t many public or private sector bids that we are not retained on. A word of warning though. Any time a significant opportunity is signalled to the market, we tend to be conflicted pretty quickly.

VIRTUAL PRICING DIRECTOR®:

Our ground-breaking new pricing software recently featured as best-in-class in a legal tech report produced by Enfuse Group.

Take a look at this short (3:47) video on the next-generation legal pricing software, Virtual Pricing Director®.

“…The platform’s simplicity is a strength and hides the powerful engine beneath the waterline…” Enfuse Group – read their report

“For us, Virtual Pricing Director® is stand-out and has the potential to truly disrupt the legal industry” Rob Shooter, partner and head of Fieldfisher’s tech sector group

If you would like to join the more than 250 law firms that have ordered a copy of our free white paper ‘Contemporary Pricing Challenges & Technological Solutions for Law Firms’, drop us a message via richard.burcher@virtualpricingdirector.com and we’ll email it straight back to you.

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by Richard Burcher

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