Alternative Fee Arrangements for Law Firms - Key Concepts, Advantages & Best Practice

Introduction

Never before has professional services been such a competitive market, with clients looking to differentiate between firms, with a focus on value and service. This ever-increasing demand for a ‘USP’ (Unique Selling Point) finds firms struggling to set themselves apart from the competition.

The first step to differentiation, happy clients, and greater profitability is adopting a more sophisticated approach to pricing and therefore alternative fee arrangements.

Unfortunately, solicitors leave this area off their management agendas, when it should be front and centre.

This webinar will guide you through the key concepts of pricing, understanding price risk, what clients ideally want, and the importance of ‘price-packaging’, plus the endless advantages in avoiding write-offs, complaints and gaining profitability and new clients.

Adopting alternative fee arrangements is a cultural shift, yet the massive gains in happier clients and increased profits entirely justify the effort involved.

What You Will Learn

This webinar will cover the following:

• Why we have write-offs and how to avoid these in the future
• How behavioural economics applies to professional services pricing
• What does this mean - practical examples of how this will work for you
• The ten most powerful strategies to making more money and having happier clients
• The importance of ‘price-packaging’
• Understanding price risk and value alignment for our clients
• Why we fail to make a profit with fixed fees and how to do this effectively
• How to approach pricing when you are using artificial intelligence to speed up tasks

This webinar was recorded on 7th November 2024

You can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.