World Masters on the money with pricing strategies for law firms

As clients demand more for less, law firms are battling on at least three fronts to respond. They must more strongly differentiate their offer. They must become more efficient and boost productivity. And they must get their pricing strategies right.

Partners, managers and their teams seeking to achieve these imperatives can tap into the thoughts of some of the foremost management advisors and pricing experts at the World Masters of Law Firm Management conference on 12 March 2015 at the Intercontinental Hotel in Sydney. Speaking to the theme of ‘Improving client value in the new law paradigm’, renowned legal futurist Richard Susskind will headline an outstanding line-up of presenters that also includes Edge International’s Pam Woldow, Jasper Consulting’s Colin Jasper, Allens’ Pier D’Angelo and Adelaide and Bendigo Bank’s Maria Polczynski.

D’Angelo, chief pricing and practice officer at Allens, says a “perfect storm of market change” has led to clients demanding greater value, while market disrupters such as new technology are also putting pressure on traditional legal services models. He adds that a drop in demand for high-end legal services, a raft of new market entrants and greater client spending discipline in the aftermath of the global financial crisis mean “lawyers have never been under more price pressure than they are right now”. “Nor have they been under more pressure to deliver more for less than they are right now,” D’Angelo says.

The highly regarded World Masters series showcases the knowledge and expertise of world-acclaimed law firm management experts. The one-day seminar attracts CEOs, chief financial officers, practice managers, managing partners and other executives from legal and professional services firms. At World Masters 2015, Susskind will open proceedings via video link and express his views on the mindset that law firm leaders will need if they are to be successful in the future. He will analyse and assess issues such as drivers of change in law firms; the shift from bespoke work to commoditisation; the ‘decomposing’ and multi-sourcing of legal work; how to price differently; emerging technologies; and the scope of disruptive legal technologies.

Jasper and D’Angelo will then explore how firms can build more effective pricing strategies to enable them to justify their fees in a highly competitive market, along with other pricing issues. Topics to be addressed will include examining why clients are willing to pay more for some firms; creating value for clients; building pricing confidence; and choosing a fee structure that is appropriate for the client. Next, Woldow will discuss how firms can address the “more for less” challenge through more rigorous legal project management and how firms can meet client demands for more efficient work practices. Bendigo and Adelaide Bank head of group legal, Maria Polczynski, will consider lessons she has learnt concerning legal services pricing and delivery through her organisation’s drive for innovation and continuous improvement. This will be followed by a panel discussion – chaired by Baker & McKenzie national managing partner Chris Freeland, rounding out the conference.

According to D’Angelo, the focus on smarter pricing and heightened efficiency within law firms is a long-term trend and will, if anything, only intensify. Clients have professionalised their procurement of legal services, with most of the ASX 100 companies now employing procurement specialists who have a mandate to manage legal costs in the same way that they manage other categories of expenditure. “Now they’re trying to take all the surprises out,” D’Angelo says.

Susskind joins a stellar list of previous keynote presenters at World Masters that includes David Maister, Thomas DeLong, Ron Baker, Ed Weissman, Stephen Mayson, Gerry Riskin and Ashish Nanda, all of whom are highly regarded international leaders in their fields. The author of bestselling books such as The End of Lawyers? Rethinking the Nature of Legal Services and Tomorrow’s Lawyers, Susskind has delivered presentations in more than 40 countries. He was one of the first law firm management experts to forecast the inevitable ‘decomposition’, or disaggregation, of legal work in a world where pricing strategy would become king.

While Susskind is a clear drawcard for World Masters 2015, D’Angelo says the likes of Woldow and Jasper are internationally recognised for their law firm consulting expertise and both advise an impressive list of global clients. “With Pam we’re giving Australian people access through World Masters to a global leader in legal project management,” he says. “And Colin has an extensive international practice, having consulted to many leading US and UK firms. Their credentials are incredibly impressive.”

For more details on World Masters, visit:
www.lawcouncil.au/LPS/index.php/events/world-masters-of-law-firm-management