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Structures and prices: How do you provide value to your clients?

By Victoria Brackett, Managing Partner, Thomas Eggar  

18 November 2013

Do you price to structure or are you confident enough to structure to price? Do you understand your firm’s value proposition?

As professionals, many firms have spent years building the traditional team pyramid to service clients. The main problem those firms have historically faced is how to deal with the pyramid as the lawyers within it became more senior. That problem remains, but it has been overtaken by a much more fundamental problem in the profession: a recognition that one size no longer fits all.

Clients are seeking ‘value’ in everything they buy from law firms. When clients ask for flexible or innovative pricing, they don’t always mean fixed fees vs. hourly rates; they mean how can the firm process their work in a way that is an appropriate price for them, recognising that the firm will need to make a margin. Clients are certainly not interested in hearing about the different senioriti...

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