The State of Legal Pricing: Whither Rational Pricing?
Toby Brown, Chief Practice Management Officer, Perkins Coie, and Jill Nelson, Senior Director of Product and Business Management, Intapp explain the rise of pricing as an embedded function in most large law firms. Firms looking to effectively compete in the market will definitely want to make investments in this space.
The state of legal pricing continues to evolve. From its early beginnings 10-plus years ago, it has become a mainstream role at most major law firms. That being said, the market still lacks true rational pricing, in the economic sense.
It is still difficult for clients and law firms to determine a value — price nexus. As a result, there remains a significant amount of chaos in the legal pricing market. This article examines the state of that chaos and gives a sense of where things are and where they might be headed.