f/k/a archives . . . real opinions & real haiku

May 6, 2005

still sensitive over lawyer value pricing

Filed under: pre-06-2006 — David Giacalone @ 2:23 pm

Don’t just take my word that the advocates of value pricing by lawyers

want to exploit price sensitivity to increase their fees.  Read what Suzanne

C. Lowe told the Legal Marketing Association (“Tomorrow’s Law Firm

Competitors,” Nov. 14, 2004):

 


“To achieve and maintain a competitive advantage, law firm marketing teams

will need to help their firms integrate their corporate and marketing strategies

together so that they will become truly market-driven organizations. These

law firms — I’ve called them “the competitors” — will employ a number of

advanced market-driven strategies to help them gain and hold a leadership

edge.” . . .

 

Value Pricing


 


complaint billF  “Competitor law firms will be more adept at addressing the


deeply strategic issue of price sensitivity.  They will employ nuanced research  


initiatives like “modeling” to help them price their services into the more


profitable “value-price” range. For example, a global business consulting/


accounting firm successfully used “Dynamic Price Sensitivity Modeling” —


a stepwise qualitative and quantitative research initiative that tested clients’


reactions to four specific pricing scenarios. Using that technique, the firm


was able to pinpoint its clients’ optimal pricing range for a proposed new


service — and it was notably higher than the firm’s previously employed


hourly pricing approach. The new service debuted with a value-priced service


that not only met the clients’ expectations but also enabled the firm to break


away from the chokehold of time-and-expense pricing.”


Would all clients who are seeking Value Pricing in order to pay higher fees please raise

their hands?

 

 

 

a nightingale singing
included in the price…
five-penny tea




ISSA, translated by D. G. Lanoue

 

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