fees_and_pricing_benchmark_report_law_firms_and by jizhen1947


More information from http://www.researchandmarkets.com/reports/1860933/

Fees and Pricing Benchmark Report: Law Firms & Legal Services
Industry 2008

Description:    Pricing in the law firms & legal services industry: How do you compare?

                A key element of growing your law firm and legal services firm is keeping ever-vigilant watch over
                your competition...who are they? What space do they occupy? Why do they attract and retain the
                same clients you aggressively pursue? What marketing and sales strategies do you need to put in
                place to guard against competitive inroads and help secure a profitable, leadership position?

                The bedrock of competitive analysis includes having a solid grasp of competitor sales and
                marketing practices especially the fee structures, discounting guidelines, pricing approaches, and
                overall pricing models that can spell the difference between champion players and the also-rans.

                With the Fees and Pricing Benchmark Report, you will learn exactly what the pricing landscape
                looks like in the law firms & legal services field, including:

                -   Does brand affect pricing?
                -   What are the hourly rates our competitors are charging (and getting)?
                -   How often do firms discount their fees? How much of a discount is offered?
                -   What are the most important factors firms consider when pricing legal services?
                -   What pricing strategies are most commonly used?
                -   Are service guarantees being used? What do these guarantees cover?
                -   What factors influenced price increases and decreases over the past two years?

                Plus, this research provides a median hourly rate index by level of professional:

                -   Highest-level professionals (principal, senior partner, C-level managers, etc.)
                -   Upper-level professionals (VPs, newer partner, etc.)
                -   Advanced-level professionals (directors, experienced professionals)
                -   Mid-level professionals (managers, several years of experience, post-MBA, etc.)
                -   Entry-level professionals (new associates)

                The Fees and Pricing Benchmark Report will allow you to measure your pricing strategies against
                the competition and determine if, and where, you may be leaving money on the table.

                It will also provide keen insight into what the leaders in your industry are doing differently to stay
                ahead in a crowded market space.

Contents:       Section 1: Research Highlights & Recommendations

                Research Highlights

                Section 2: Pricing Strategies

                Going Rates Pricing
                Hourly or Daily Fees
                Fixed-Fee Pricing
                Value-Based Pricing
                Retainer Fees
                Contingent or Incentive Fees
                Introductory Services
                Cost-Plus Pricing

                Section 3: Pricing Tactics
            Challenges in Pricing Decisions
            Pricing Decision Factors
            Competitive Pricing
            Average (Median) Hourly Billing Rates
            Competitor Pricing
            Service Guarantees

            Section 4: Firm Characteristics: Implications for Pricing

            Larger and Smaller Size Firms
             Firm Size by Annual Revenue and Number of Full-Time Professionals
             Pricing Challenges and Decision Factors by Firm Size
             Pricing Strategies by Firm Size
             Median Hourly Billing Rates by Company Size

            Brand Leaders
             Pricing Challenges by Reputation Reach
             Hourly (Median) Billable Rates by Reputation Reach
             Change in Fees by Reputation Reach
             Competitive Pricing by Reputation Reach
             Profitability by Reputation Reach
             Annual Revenue by Reputation Reach

             Changes in Fees and Pricing
             Pricing Challenges and Decision Factors Among Price-Increasers
             Competitive Pricing by Price-Increasers
             Profitability by Price Increasers

            Section 5: Firm Demographics

            Annual Revenue
            Role Within Company
            Regional Location of Office
            Portion of Revenue Coming from New Clients

            Section 6: Methodology

            Data Collection
            About RainToday.com
            About Wellesley Hills Group
            About the Authors

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