Building a Scalable and Sustainable Legal Practice
It is vital that any firm that wants to be scalable and sustainable takes the initiative on pricing. Once a piece of work has completed its scope, a firm should be proactive in offering pricing predictions for the next stages. The higher the certainty that can be provided, the greater the trust and the higher likelihood that the work will continue - rather than be competed away by other market participants.
Most of the new model legal providers are extremely rigorous in this approach and go further in offering more innovative pricing structures, such as subscription-based arrangements, fixed fees or ranges for a defined scope of work over an agreed period of time. All of these can help make legal services more affordable for clients who may not have the wherewithal to pay for a legal fee all at once— while also having the added benefit of increasing collection rates for law firms.
For more from bilabl on building a scalable and sustainable legal practice read our newsletter: https://www.bilabl.io/newsletter/building-a-scalable-and-sustainable-legal-practice