{"id":3826,"date":"2005-05-06T14:23:29","date_gmt":"2005-05-06T18:23:29","guid":{"rendered":"http:\/\/blogs.law.harvard.edu\/formerlyknownas\/2005\/05\/06\/still-sensitive-over-lawyer-v"},"modified":"2011-08-05T14:57:44","modified_gmt":"2011-08-05T18:57:44","slug":"still-sensitive-over-lawyer-value-pricing","status":"publish","type":"post","link":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/2005\/05\/06\/still-sensitive-over-lawyer-value-pricing\/","title":{"rendered":"still sensitive over lawyer value pricing"},"content":{"rendered":"

<\/a><\/p>\n

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Don’t just take <\/FONT>my word<\/FONT><\/A> that the advocates of <\/FONT>value pricing by lawyers<\/FONT><\/A><\/DIV>
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want to exploit price sensitivity to increase their fees.  Read what Suzanne <\/FONT><\/DIV>
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C. <\/FONT>Lowe<\/FONT><\/A> told the Legal Marketing Association (“<\/FONT>Tomorrow’s Law Firm <\/FONT><\/A><\/DIV>
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Competitors<\/FONT><\/A>,” Nov. 14, 2004): <\/FONT><\/DIV>
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<\/FONT> <\/DIV>
\n

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“To achieve and maintain a competitive advantage, law firm marketing teams <\/FONT><\/SPAN><\/DIV>
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will need to help their firms integrate their corporate and marketing strategies <\/FONT><\/SPAN><\/DIV>
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together so that they will become truly market-driven organizations. These <\/FONT><\/SPAN><\/DIV>
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law firms — I’ve called them “the competitors” — will employ a number of <\/FONT><\/SPAN><\/DIV>
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advanced market-driven strategies to help them gain and hold a leadership <\/FONT><\/SPAN><\/DIV>
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edge<\/SPAN>.” . . . <\/SPAN><\/FONT><\/DIV>
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<\/FONT> <\/DIV>
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Value Pricing<\/FONT><\/SPAN><\/B><\/P>
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<\/FONT> <\/P>
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\"complaint  “Competitor law firms will be more adept at addressing the<\/FONT><\/SPAN><\/P>
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deeply strategic issue of price sensitivity.  They will employ nuanced research  <\/FONT><\/SPAN><\/P>
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initiatives like “modeling” to help them price their services into the more <\/FONT><\/SPAN><\/P>
\n

profitable “value-price” range. For example, a global business consulting\/<\/FONT><\/SPAN><\/P>
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accounting firm successfully used “Dynamic Price Sensitivity Modeling” — <\/FONT><\/SPAN><\/P>
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a stepwise qualitative and quantitative research initiative that tested clients’ <\/FONT><\/SPAN><\/P>
\n

reactions to four specific pricing scenarios. Using that technique, the firm <\/FONT><\/SPAN><\/P>
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was able to pinpoint its clients’ optimal pricing range for a proposed new <\/FONT><\/SPAN><\/P>
\n

service — and it was notably higher than the firm’s previously employed <\/FONT><\/SPAN><\/P>
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hourly pricing approach. The new service debuted with a value-priced service <\/FONT><\/SPAN><\/P>
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that not only met the clients’ expectations but also enabled the firm to break <\/FONT><\/SPAN><\/P>
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away from the chokehold of time-and-expense pricing.”<\/FONT><\/SPAN><\/P><\/BLOCKQUOTE>
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Would all clients who are seeking Value Pricing in order to pay higher fees<\/EM> please raise <\/FONT><\/DIV>
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their <\/FONT>hands?<\/FONT><\/FONT><\/DIV>
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<\/FONT> <\/DIV>
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<\/FONT> <\/DIV>
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<\/FONT> <\/DIV>
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a nightingale singing
included in the price…
five-penny tea<\/FONT><\/DIV><\/FONT><\/BLOCKQUOTE>
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\n

<\/DIV><\/FONT>
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ISSA<\/FONT><\/A>, translated by <\/FONT>D. G. Lanoue<\/FONT><\/A><\/FONT><\/DIV>
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 <\/DIV><\/BLOCKQUOTE><\/p>\n","protected":false},"excerpt":{"rendered":"

Don’t just take my word that the advocates of value pricing by lawyers want to exploit price sensitivity to increase their fees.  Read what Suzanne C. Lowe told the Legal Marketing Association (“Tomorrow’s Law Firm Competitors,” Nov. 14, 2004):   “To achieve and maintain a competitive advantage, law firm marketing teams will need to help […]<\/p>\n","protected":false},"author":94,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2926],"tags":[],"class_list":["post-3826","post","type-post","status-publish","format-standard","hentry","category-pre-06-2006"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6kP1R-ZI","_links":{"self":[{"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/posts\/3826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/users\/94"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/comments?post=3826"}],"version-history":[{"count":1,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/posts\/3826\/revisions"}],"predecessor-version":[{"id":13230,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/posts\/3826\/revisions\/13230"}],"wp:attachment":[{"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/media?parent=3826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/categories?post=3826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.blogs.harvard.edu\/ethicalesq\/wp-json\/wp\/v2\/tags?post=3826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}