Event: Legal Pricing MasterClass

15-16 July 2014

About the Training

Practical Law is working in association with Jasper Consulting to deliver a two day course entitled Legal Pricing Masterclass.

Pricing has a greater impact on profitability than any other lever, yet many firms lack confidence in their pricing strategy. This workshop provides a comprehensive framework for assessing your firm’s approach to pricing. The workshop is illuminated with numerous case studies and encourages participants to identify opportunities to drive revenue and profit growth within their firm.

Never before has the pricing of legal services received so much attention. The economic downturn brought into sharp focus the need to control expenditure. Many clients have significantly evolved their approach to purchasing legal services and are demanding more from firms - for less. More than ever before, firms are being required to justify their price. Failure to do so results in price erosion or the loss of business.

Law firms must develop their pricing competence in order to effectively deal with these increasing client pressures.

Quotes from past participants in New York, Chicago and Sydney

  • "Colin is one of the best consultants I have had the pleasure to work with - his grasp of subject matter is second to none, his ability to convey his message is excellent, and he is deservedly recognized as one of the foremost experts in his field."
  • "High quality, pricing masterclasses for professional services are very hard to find anywhere in the world. Colin has provided real value by providing education that is cutting edge and highly relevant. Colin's class is an excellent balance between sound theory and practical advice on how firms can improve outcomes through better pricing practices."
  • "Great workshop. Very informative and practical."
  • "I’ve attended 12-15 pricing courses and conferences in the past 5 years and this was the most interesting and informative one yet. Bravo."
  • "Loved the session - I thought Colin was very knowledgeable and answered our (sometimes tricky) questions very well."
  • "I thought the pricing training was really first class – useful, appropriate, delivered by someone who actually knows what he is talking about. Concise and focused"
  • "Excellent session - one of the most (if not the most) valuable training sessions I have attended."
  • "A very useful workshop containing concrete and non-esoteric ways in which we can articulate value."
  • "Exceptional presentation. The manner in which Colin was able to impart knowledge using real life examples and in class exercises was refreshing. Well done!"
  • "Colin did a fantastic job of putting the theory and concepts into actual real life examples. It touched on big and small issues but drilled down on enough detail so that it was meaningful."
  • "Great job Colin! You exceeded my expectations. I learned a lot of practical info that I’ll take back to my firm."
  • "Very practical, direct, insightful. Not vague, overly theoretical."
  • "The classes have been very helpful. The many facts and techniques presented have motivated me to re-assess many of the things I do day by day and our broader strategy. It has also given me greater confidence that a revitalized (better informed/planned) focus is now required and will be successful"
  • "The best workshop I’ve ever participated in."
  • "Absolutely lived up to the hype."

Programme

The masterclass is designed to develop the pricing capability of participants and to help identify specific pricing opportunities that can be immediately realised by their firm.

The masterclass will help participants to:

  • Develop a comprehensive understanding of pricing theory as it relates to the legal services market
  • Understand leading pricing practices within the professional services market
  • Conduct a comprehensive assessment your firm’s key pricing inputs and combine these inputs into an integrated pricing strategy
  • Explore various pricing strategies designed to increase profit margins while simultaneously increasing market share
  • Identify methods of building your firm’s pricing capability
  • Develop their knowledge on how to successfully price tenders
  • Learn how to credibly demonstrate value to clients
  • Explore various pricing tactics designed to avoid competing on price
  • Learn how to increase price-setting discretion
  • Review different approaches to managing the pricing function and establishing pricing policies, and
  • Identify and prioritize opportunities to improve your firm’s pricing outcomes.

The masterclass will explore case studies of how firms have significantly improved their pricing outcomes through application of leading pricing practices.

What’s covered

  • Understanding and using alternative fee arrangements
  • Improving the pricing process
  • An overview of contemporary pricing analysis tools
  • Developing your organizations pricing competence
  • Finding premium pricing opportunities
  • When to loss lead
  • Improving pricing conversations
  • Assessing your price positioning
  • Understanding and communicating value
  • Combating commoditisation
  • Practical approaches to segmenting clients to improving pricing outcomes
  • Pricing strategies for price-sensitive and price insensitive markets
  • Negotiating favourable pricing outcomes
  • Dealing with procurement professionals, intermediaries and 3rd party influencers
  • Dealing with client pressure to reduce costs
  • Responding to pressure from clients for pricing innovation
  • What to do when competitors price low, “buy” work or low ball with the intent of recovering through variations
  • Improving the creation and management of estimates
  • Assessing different approaches used by firms to deal with bidding costs, project management costs, on the job training and client inefficiencies
  • Strategies for improving fee recovery
  • Managing scope creep in ways that satisfy clients

Speaker

Colin Jasper

Colin Jasper

Director, Jasper Consulting

Colin Jasper has over 25 years experience in business-to-business markets, having:

  • Spent a decade in senior business planning and strategic marketing roles for large international business-to-business service organisations, and
  • Worked as a strategy consultant for the past 15 years where he has had the opportunity to work with over 200 leading professional service firms.

Colin is the Director of Jasper Consulting whose focus is assisting professional service firms create greater value for their clients and capture a fair share of that value for themselves.

Colin Jasper has been a keynote speaker at pricing conferences in China, Singapore, the UK, the US and Australia. He has been a guest lecturer at numerous universities and has undertaken pricing consultancies in a range of professions including law, accounting, patent attorneys, actuaries, engineers and management consultants.

Colin has consulted to leading firms in the US, UK and throughout Asia. His articles have been published in a range of journals and magazines including the Journal of the Professional Pricing Society, the Professional Service Firms Journal and Business Review Weekly. Colin was invited to author the Pricing Legal Services chapter of the American Bar Associations (ABA) publication, The Power of Legal Project Management (2014).

Colin conducts regular research amongst general counsel on their buying behaviour and their attitudes to law firms and is the co-founder of the Legal Pricing Roundtable. He has developed and led numerous in-house training programs.

“Colin is one of the best consultants I have had the pleasure to work with - his grasp of subject matter is second to none, his ability to convey his message is excellent, and he is deservedly recognised as one of the foremost experts in his field.”

Stuart J T Dodds
Director, Global Pricing and Legal Project Management, Baker & McKenzie
Author of Smarter Pricing, Smarter Profit

Registration

Early registration price valid until 21st May 2014 £1500
Standard Price from 22nd May 2014 £1700

Booking information

events@practicallaw.com

Location

Thomson Reuters Canary Wharf

30 S Colonnade

London

E14 5EP

Contact us

If you would like to know more about any event, please contact the events team or call +44 20 7202 1220.

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