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Innovation over iteration

Innovation over iteration

By Mira Stammers

Practice Management 


The legal marketplace is undergoing significant change. A multitude of factors, including advances in technology, market dynamics and regulatory changes, have all contributed to the pressure lawyers feel to improve the way in which they work.1 It is simply a buyer’s market. In response, numerous firms have tweaked their business model in order to survive. Most commonly, firms revise their pricing methodology. Instead of charging hourly rates, alternative fee arrangements such as “fixed fees” or, to a lesser extent, “value pricing”, are implemented. Underlying these changes is often a belief that if pricing is reflective of client demand, success will be assured. However, as competition increases and profits decline, it has become apparent that adapting one’s pricing methodology is a short-term solution. It may not just be the “billable hour” that is unsustainable, but the entire business model upon which most traditional law firms sit.

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