An Insight into Alternative Fee Arrangements for Law Firms

Introduction

With increasing competition in all professional services, especially legal, combined with more costs savvy clients, the demand for alternative pricing models and pricing choice has never been greater.

Additionally, many firms have still yet to get to grips with ‘transparent pricing’ introduced by the SRA in December 2018. Pricing legal services can employ the same modern pricing methodologies, which we come across everyday as consumers, even if we fail to recognise what they are when we are the buyer!

Adopting alternative fee arrangements is a cultural shift, yet we gain massive benefits by making more money and having happier clients.

This webinar will discuss the pros and cons of alternative fee arrangements and will offer guidance on how you can make the transition to this fee model.

What You Will Learn

This webinar will cover the following:

• How to address pricing commoditised work and meet the rigors of pricing transparency
• Why we fail to make a profit with fixed fees and how to do this effectively
• Why we have write-offs and how to avoid these in the future
• How behavioural economics applies to professional services pricing.
• What does value pricing mean in practice?
• The ten most powerful strategies to making more money
• Understanding price risk and value alignment for our clients

This webinar was recorded on 26th November 2021