Pricing must equal billing
Billing and pricing are two side of the same coin
Historically, law firm revenues have been driven by ambitious billing targets, resulting in excruciatingly long work weeks becoming the norm. Today, the undue emphasis on ‘clocking the hours’ is no longer sustainable. A £60,000 matter cost estimate turning into a £100,000 bill simply isn’t acceptable to clients. So pricing isn’t being driven by law firms anymore, it’s the result of long-drawn negotiations, in which lawyers are increasingly having a diminishing say. And once set, lawyers have to ‘live’ by that matter price. ‘Profitable and realistic’ pricing is therefore essential.