The Psychology of Pricing

ABSTRACT We often view pricing through too narrow a lens… a purely rational approach founded more in accounting than in client behaviour. A better understanding of client emotions and preferences can increase client satisfaction and profits.  I love pricing. It’s so multi-faceted. And there’s always that fabulous moment of truth in quoting / estimating work

Low price vs low cost – the strategic trap

As part of the emerging Newlaw dialogue, there is a groundswell of opinion that low prices and in particular, fixed low prices are the new must haves in law firm competition. But that’s only half the story… Some 30 years ago, Michael Porter’s generic competitive strategies were all the rage. Broadly speaking, you had to

Sales Orientation or Client Orientation?

You may think your firm is client-centred? Yet it’s possible that your clients don’t agree. How can that be? Modern buyers are totally empowered. Blogs ruthlessly declare who we can trust. Business buyers are no different. Information empowers them. Internet shopping now provides the benchmark for client service. You can’t see these businesses, and you

What’s in a Name?

What your firm is called makes a difference. Your name conveys information. It can be overt, implied, positive or negative. It may be consistent or inconsistent with what you want to achieve. Here are a few examples: Greg’s Discount Conveyancing (seniors discounts available) says it’s a kind of back yard business (proper law firms aren’t