Pricing with Confidence

Objectives

Pricing with confidence is the ability to set prices that are fair to both our clients and our practice. It is a skill that takes time and experience to develop, but it is essential for any business that wants to be successful. This course will show fee earners how to do it well.

Key topics

• Understand our costs. The first step to pricing with confidence is to understand our fee earner costs, our charge out rates, the way we allocate costs to our clients, our recovery rates & therefore our target gross margin.
• Understand our value. We need to understand the value of our various services. Some services are far more valuable to our clients than others are we should differentiate these internally as well as externally. Once we know our value, and when we are worth more, we can start to agree fee quotes that are in line with our clients' expectations.
• Consider the competition and knowing when that is relevant – when are we indispensable and when are we most at risk? We don't want to price ourselves too high, but we also don't want to price ourselves too low.
• Being flexible between cost sensitive services and benefit driven services. For price sensitive services, the price of our services will need to change over time, especially when we are suffering from a period of high inflation. For benefit driven services, the margins may be very high and the value to the client is the driver of change and the need for us to be flexible is driven “in the moment”.

Who should attend

Partners in practice who are interested in taking a fair fee for a fair reward.