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The what, why and how of fixed and value pricing (ep 32)
There are plenty of firms who want to make the shift to fixed or
value pricing, but who don’t know where to start.
I’m
often asked about pricing – about fixed fee in particular – and how firms can
make the shift from selling time to charging for fixed prices.
So today, I’m touching on three basics:
- WHAT – The difference
between fixed and value pricingWHY – Because clients
don’t really want to buy timeHOW – Understanding
the value of the services you provide
I’ve experimented with fixed and value pricing for the last decade.
Our firm was the first to introduce a flat fee structure for conveyancing in
Western Australia, where rather than charging the ad valorem scale, we
charged the same fee for the service, regardless of the price of the property.
This led to huge competition within the industry and eventually led to the
abolition of the scale that kept settlement fees up. We’ve advertised fixed
prices for our productised services for many years, and charge on a value basis
for our other services.
Here
are the highlights:
3:28 My experience experimenting with alternative pricing
5:03 Fixed vs value pricing – what is the difference?
8:55 Why should we explore fixed and value pricing?
10:40 Understanding value and pricing on purpose
In
2 weeks time I’ll be tackling your Q&As on all things fixed and value
pricing. I’ve recruited pricing expert, John Chisholm to help me work through
them, so you get the benefit of both of us together! Send me your questions at [email protected].
Shoutout to Legalite
This episode is brought to you by Legalite Horizons, a new model giving principal-level lawyers the platform to grow their practice while being fully supported. Join a recognised, award-winning law firm with access to infrastructure and support. Best of all, you’ll get to keep the lion’s share of what you bill and enjoy complete freedom to run your practice the way you want.
Links
- Download my brand new e-book 80 tips to make your law firm
survive and thriveSubscribe to Doing Law
Differently on Apple
Podcasts, Google
Podcasts or Spotify Discover how I can
help you escape the billable hour, eliminate the grunt work and do more of the
work you love with productised services Connect with me on LinkedIn Are you keen to share
how you’re Doing Law Differently? Get in touch here.
The post The what, why and how of fixed and value pricing (ep 32) appeared first on Lucy Dickens.
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By Lucy Dickens
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There are plenty of firms who want to make the shift to fixed or
value pricing, but who don’t know where to start.
I’m
often asked about pricing – about fixed fee in particular – and how firms can
make the shift from selling time to charging for fixed prices.
So today, I’m touching on three basics:
- WHAT – The difference
between fixed and value pricingWHY – Because clients
don’t really want to buy timeHOW – Understanding
the value of the services you provide
I’ve experimented with fixed and value pricing for the last decade.
Our firm was the first to introduce a flat fee structure for conveyancing in
Western Australia, where rather than charging the ad valorem scale, we
charged the same fee for the service, regardless of the price of the property.
This led to huge competition within the industry and eventually led to the
abolition of the scale that kept settlement fees up. We’ve advertised fixed
prices for our productised services for many years, and charge on a value basis
for our other services.
Here
are the highlights:
3:28 My experience experimenting with alternative pricing
5:03 Fixed vs value pricing – what is the difference?
8:55 Why should we explore fixed and value pricing?
10:40 Understanding value and pricing on purpose
In
2 weeks time I’ll be tackling your Q&As on all things fixed and value
pricing. I’ve recruited pricing expert, John Chisholm to help me work through
them, so you get the benefit of both of us together! Send me your questions at [email protected].
Shoutout to Legalite
This episode is brought to you by Legalite Horizons, a new model giving principal-level lawyers the platform to grow their practice while being fully supported. Join a recognised, award-winning law firm with access to infrastructure and support. Best of all, you’ll get to keep the lion’s share of what you bill and enjoy complete freedom to run your practice the way you want.
Links
- Download my brand new e-book 80 tips to make your law firm
survive and thriveSubscribe to Doing Law
Differently on Apple
Podcasts, Google
Podcasts or Spotify Discover how I can
help you escape the billable hour, eliminate the grunt work and do more of the
work you love with productised services Connect with me on LinkedIn Are you keen to share
how you’re Doing Law Differently? Get in touch here.
The post The what, why and how of fixed and value pricing (ep 32) appeared first on Lucy Dickens.