How Inflation is Impacting Legal Consumers and Law Firms of All Sizes
This episode discusses the impact of trickle-down inflation on pricing strategies in the legal industry. Trickle-down inflation is the successive passing down of increased costs by larger businesses to their smaller business consumers until the higher pricing practices reach mom and pops businesses and independent contractors.
The focus of this episode is pricing strategies for law firms in a down market. We cover areas where lawyers can continue to drive higher rates through an inflationary and/or recessionary market as well as instances when such providers must re-price services to hold market share.
The discussion is broken down by firm size: Big Law, boutique legal firms, and small legal firms. Included are specific pricing recommendations together with the rationale for those recommendations so the listener can decide for yourself whether the advice is sound.
Business and client development tips, analysis of ethics rules that govern sales and marketing activities of lawyers + sales news, interviews & analysis re: trends in the sale and marketing of legal services.
How to Structure a Success Fee This podcast entitled “Pigs Get Fat; Hogs Get Bar Complaints” explores alternate legal fee arrangements in light of Elon Musk’s lawsuit against Watchell Lipton Rosen & Katz. Learn what the Bar rules require of fee agreements and how to structure a lump sum legal fee that passes ethical muster. […]