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Law Practice Management Legal Fees

LawVision

Will AI Lower Law Firm Rates? That Might Be the Wrong Question (Think “42”)

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In The Hitchhiker’s Guide to the Galaxy, a race of hyper-intelligent beings builds a computer to discover the ultimate answer to life, the universe, and everything. After seven and a half million years, the machine reveals...more

LawVision

Proactive Pricing for Law Firms

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A few years ago, I wrote a blog on proactive profitability. Given the evolving dynamics and trends in pricing in 2025, I want to explore a parallel concept: proactive strategic pricing. ...more

Carr Maloney P.C.

Nonrefundable Advanced Legal Fees are Per Se Unethical Under the Proposed New Rule of Professional Conduct 1.5(g)

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At its March 1, 2025, meeting, the VSB Council voted to approve changes to Rule of Professional Conduct 1.5. The proposed amendment to the Rule includes a new subjection (g), which codifies an understanding that has been...more

LawVision

Strategic Pricing 2025: Year-End Insights and a Roadmap for Law Firm Leaders

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As 2024 winds down, the legal industry navigates a shifting and increasingly complex landscape. Clients are growing weary of rising costs, amplifying the pressure on firms to balance rate increases with greater efficiency and...more

LawVision

Challenges to Effective Pricing Survey Chart

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I recently published our 2024 Strategic Pricing Survey findings, which uncovered significant insights into law firms’ successes and challenges in pricing strategies. The survey highlighted the continuation of solid rate...more

LawVision

Mastering the Art of Client Communication on Law Firm Pricing

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A recent article on Law.com, Partners Confront ‘Deeply Uncomfortable’ Client Communications on Soaring Billing Rates, highlighted a growing trend in the legal industry: many firms are shifting away from personal...more

LawVision

Mirage or Oasis? Preparing for FY2025 Winter Pricing in the Summer Heat

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As summer peaks with days hitting a sweltering 100 degrees, it might be challenging to think about the heart of the fiscal 2025 winter season. Our strategic pricing calendar reminds us that this time of year presents an...more

LawVision

How to Choose the Target, and Then Hit It!

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It’s a longstanding tradition in the legal business: Clients complain about law firms on subjects such as price, deficient client service, slow response times, and unacceptable outcomes. Meanwhile, lawyers grouse about...more

LawVision

The Scariest Chart on the State of the Legal Industry

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Do you want to see something scary? Borderline terrifying? Foreshadowing of major, inevitable changes in the practice and business of law? Take a look at this horror-show of a chart from the Thomson Reuters Institute &...more

LawVision

Your Strategic Pricing Execution Checklist

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As the year begins, law firms transition their pricing focus from the planning stage to execution. In the second half of 2023, firms were busy evaluating their rates and pricing strategies to prepare for 2024. Currently, the...more

LawVision

Navigating Rate Trends for 2024: Strategies for Pricing Success

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Contrary to popular perception, law firm billing rates do not exhibit a steady upward trajectory. Instead, a closer examination of long-term trends reveals a pattern of cyclical fluctuations in billing rate increases. These...more

LawVision

Business Development Strategy: When Your Client Loves Another Firm Better

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Elise, a partner in a Midwest-based global litigation firm, seemed somewhat desperate when I spoke with her. In the past five months she lost two significant clients. Billings for these clients averaged $2 million to $2.5...more

LawVision

The Future of Law Firm Pricing: AI, Time, and the Quest for Genuine Value

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In my last two pieces, we navigated the intricate landscape of the 2024 law firm rate setting and broached the powerful bond between law firms and clients when discussing rates and value. Today, let’s venture into the future...more

LawVision

Fiscal 2023 Rate Strategies Series: Big Miss #3 – Wide Rate Dispersion with Bonus: Thoughts on Fiscal 2023 Rates

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Today’s blog is the last installment of a three-part series on Big Pricing Misses. Pricing is one of your strongest drivers of profitability. Consequently, improvements here will result in meaningful implications for overall...more

LawVision

Fiscal 2023 Rate Strategies Series: Big Miss #2 – The Perils of Rate Stagnation (Flat Rates)

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Today’s blog is part two of a three-part series on Big Pricing Misses. In part one, I described the current precarious law firm rate-setting environment that attempts to find value balanced with talent inflation, demand...more

LawVision

Fiscal 2023 Rate Strategies: Big Miss #1 – Unnecessary Discounting

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As we look to close out 2022, it has never been more important to execute your pricing strategy well. The competitive market for law firms may be heading into a more challenging time compared to the past five years, and it...more

LawVision

Thoughts About Law Firm Rate Strategies into 2022

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A recent AP news headline indicated that the price of cars, gasoline, restaurants, food, and other goods matched a 13-year high, raising pressure on the Federal Reserve, “whose officials have repeatedly said the increases...more

Faegre Drinker Biddle & Reath LLP

New Jersey Ethics Committee: Beware Marketers that “Lead” to Ethics Violations

Increasingly popular online “lead generation” services offering to connect attorneys with potential mass tort plaintiffs may expose counsel to ethics violations, the New Jersey Advisory Committee on Professional Conduct...more

Conn Kavanaugh

Nonlawyer Ownership of Law Firms: Coming to a Jurisdiction Near You?

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Traditionally, the only place to seek legal advice in the U.S. has been at a firm owned and run by one or more lawyers. Change, though, may be on the horizon. A few states have loosened the rules that enforce this norm, and...more

Epiq

Maximize the Impact of Your Legal Invoice Review Process

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After a wild ride through COVID-19, economic uncertainty, and political turmoil during 2020, legal departments are gearing up to enter an altered landscape in 2021. With firms making sweeping changes and law departments...more

Freeman Law

The Federal Tax Law and Lawyers

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In many respects, operating a law firm is no different than any other business. Specifically, the law firm generates revenues through providing services to its clients and incurs various operating expenses throughout the...more

LawVision

Pricing and Profitability During Uncertain Times

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Industry events related to the Covid-19 pandemic continue to unfold before our eyes. But law firms and other businesses soldier on (mostly from our remote offices) to support and serve our valued clients. Maintaining a...more

LawVision

2020 Rates and Pricing Analytics Flash Survey

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We invite you to participate in the 2020 Rates and Pricing Analytics Flash Survey by LawVision and Clocktimizer. LawVision and Clocktimizer are conducting a 2020 Rates and Pricing Analytics Flash Survey. This survey assesses...more

Ballard Spahr LLP

Key Takeaways From the True Value Partnering Institute (TVPi) Intersect 2020

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Last month, I had the pleasure of attending the sixth annual True Value Partnering Institute (TVPi) conference in Miami. TVPi is a consortium of pricing and legal project management professionals who meet regularly to discuss...more

LawVision

2019 Pricing Survey

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We invite you to participate in the 2019 Pricing Survey by LawVision and Peer Monitor....more

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