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Central control: Why you should centralise pricing decisions

A centralised approach to pricing can help your firm to get more work, clients and profits, says Chris Howe

22 February 2013

 

It is now well established that pricing is an ongoing challenge for the legal industry. Amongst all the talk of the death of the hourly rate and value pricing, relatively little attention has been paid to the value of good process and governance in pricing.

In this article, we will look at the benefits and challenges of applying some central control and robust procedure to improve success rates and margins.

Some law firms have already established ‘head of pricing’ roles, not just here in the UK but also in the US and Australia. This is likely to be an increasing trend as clients become ever more sophisticated buyers. But, what are the real pros and cons behind this centralisation and how can it be made ?to work in a devolved structure such ?as a partnership?

Market context

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