Over recent months, I’ve shared components of my strategic pricing toolkit, including the strategic pricing checklist, the pricing calendar, and the performance FICO score. This toolkit is vital in your strategic pricing framework, offering a structured approach to enhance pricing
Latest from LawVision - Page 3
Practice Group Leader Roles – More than a Side Gig
Are you a Practice Group or Department Leader in your firm? Or, an industry or client team leader? As I wrote about in the second edition of The Practice Group Leader’s Handbook for Success[1], you may focus on
Are You Worried About Your Associate Classes? Something Has to Change…
I recently had an “out of body experience” while meeting with a group of young (35–40-year-old) partners who complained intensely about the poor work ethic and, more importantly, intellectual laziness and grade-C work their most recent associate classes. I remarked
The Scariest Chart on the State of the Legal Industry
Do you want to see something scary? Borderline terrifying? Foreshadowing of major, inevitable changes in the practice and business of law? Take a look at this horror-show of a chart from the Thomson Reuters Institute & Financial Insights Law Firm
Unlocking the Key to Successful Business Development
As I sat down to begin the workshop, my client provided me with some insights about their team. I listened attentively as they shared anecdotes about the ambitious young talents poised to become the firm’s future rainmakers, alongside those who
Closing Sales Open Loops
When Business Development (BD) professionals and the lawyers they work with use the word “closing,” they primarily mean acquiring a new client or a new piece of business. But there’s another type of closing worth attention: closing the open loops
Navigating the Year with Strategic Pricing in Law Firms
Strategic pricing within law firms is more than just setting rates; it is a year-round endeavor that aligns with the firm’s pursuits, understands industry market cycles, factors practice innovation, and, most critically, delivers on client needs. The Strategic Pricing Phase
Three Ways to Foster Collaboration in Your Law Firm
At the College of Law Practice Management Futures Conference March 12 – 13, the theme was networks – collaborative, neural, professional, and more. There were many excellent presentations and the sharing in the breakout sessions was inspiring. That was due,
Old (But New Again) Growth Strategies for Driving Firm Revenue
Retaining and growing existing client relationships and building new business. That’s basically the business development strategy on which most firms are, or at least should be, focused. It is a sound strategy indeed, but where should the investments of resources
Your Partner FICO Score for Managing Performance
Law firm leaders constantly seek more effective and transparent measures to assess and boost their financial performance. Although traditional metrics such as effective rates, realization, profit margin, and leverage provide a foundation, their potential for misinterpretation and distortion often leads