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By Kim Tasso
There is much talk of pricing in the legal profession at the moment. And, it seems, a fair amount of confusion. Somewhere along the line, lawyers have equated pricing strategies and fixed fees with the demise of the billable hour and reducing profits. It isn’t necessarily so.
It’s all about the client – their need for transparency and certainty
Imagine booking tickets for a flight. You don’t want an open ended price – one that is dependent on how many other passengers are likely to fly, how much luggage you might take, how much fuel might be used and the impact of the head winds! No! You want certainty – less risk that you will end up paying more than you can afford.
You want to see a range of options – which airport here, which airport at the destination, whether you are flying standard or club class and, probably most important, the dates and times of those flights.
So while legal clients may not want to see open ended billable hour estimates, they might be quite happy looking through a list of options and choosing the service, with or without extras, to pick their preferred price point.
It’s still all about the client – their perception of value
Some clients will need to get to a particular destination urgently – and so the price will not be a major concern – they just need to be confident that they can travel when they need to. Others will be much more budget conscious and will seek out the lowest possible price regardless of a host of other factors.
So they also have rather different views of the value of that flight; some may be prepared to pay a premium to get exactly what they want and others may demand the lowest possible price. So, are you a budget airline or a luxury corporate jet?
And remember, despite the fact that there are hundreds of airlines advertising cheap flights (just as there are hundr
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