Practical Innovations in Legal Pricing (EPUB) von Timothy B Corcoran

A comprehensive overview of the best practices in innovative pricing functions, offering insight into newest effective approaches to pricing that top firms are undertaking.

Executive summary About the authors Chapter 1: The roles and responsibilities of the pricing director *The fee conversation role *The budget building role *The profi t modeling role *The counseling role *The approval role *The biggest caution - Client expectation setting *The knowledge role *So many roles Chapter 2: Executing on a pricing strategy - Critical challenges and lessons learned *Policies don't get the job done *Effective pricing requires making an organizational commitment *How do we mature our pricing effectiveness? Chapter 3: Pricing and salivating dogs *Rewarding poor behavior *Getting the right behavior *Re-engineering the meritocracy structure Chapter 4: It's all about expertise and outcomes 31 *Why outcomes matter *Knowing what to do *Litigation *Workplace disputes and compliance *Mergers and other corporate transactions *Corporate housekeeping *Regulatory compliance *Unexpected opportunities *Ask the client *Run parallel systems Chapter 5: Designing an objective-oriented fee arrangement *Before designing the fee arrangement *Designing the fee arrangement *Law department perspective *Law fi rm perspective Chapter 6: Integration of the pricing and LPM functions 47 *Objectives *Sequencing of steps *Differences and synergies *Integrating pricing and LPM Chapter 7: Pricing legal work is a two-way street *Market disruptions drive change... sometimes *Lower cost ineffi ciency is still ineffi ciency *What we really need is continuous improvement *Collaborative pricing *Getting there from here *Next steps for law departments *Next steps for law firms Chapter 8: Innovative pricing - The gap between clients' expectations and law fi rms' delivery *Innovative pricing approaches *What is innovation? *What does constitute innovative pricing and how do we achieve it? *Solutions *Scoping work *Where next for innovative client relationships Chapter 9: Componentized budgets for cost benefit analysis *What is componentized pricing? *Collecting componentized data *Using componentized data Chapter 10: Neurogenetics of pricing - Why fee discounts destroy client loyalty *Decision-making process *Role of relationships *Power of attachment *Discounting attachment *Neurogenetics of value *Neurogenetics purchase *Creating valuable client relationships