Firms of all sizes must balance the need to increase profitability with the demands of investing in the right talent and adapting to an evolving marketplace. While cost management is key to profitability, sustainable success requires more than just cutting expenses.
Our consultants bring deep expertise in working with leadership, practices, and clients to help you strategically increase revenue while managing costs. We collaborate with your management and operations teams to define clear, achievable goals using competitive intelligence, rate comparison analysis, and client insights.
Through our Profitability Accelerator program, we offer a comprehensive approach that includes:
Pricing Strategy: We help you determine the optimal pricing strategy that aligns with your firm’s goals and market position, ensuring your rates are competitive and sustainable. This includes strategic recommendations on rate adjustments that optimizes revenue without causing friction with clients.
Client Insights: We use a survey mechanism to integrate client input to inform your pricing based on the value they receive and the structures that cause the least amount of friction for them.
Competitive Analysis: Our team provides a comparison of your current rates with those of your industry peers, giving you competitive intelligence for more informed decisions about rate adjustments.
Internal Drivers: Often, rates are suppressed by partners who harbor the concern that increasing their rates will drive clients away. In reality, this rarely happens. Yet, year after year, this pattern leads to an unprofitable system that continues to perpetuate itself. We help you break that cycle with data-driven confidence.
Modern Billing Models: We help your firm explore and implement alternative fee arrangements that align with AI-driven efficiencies, moving beyond traditional hourly billing models. These innovative structures, such as value-based pricing or flat fees, enable your firm to maintain profitability while enhancing client satisfaction by offering more transparent, predictable, and results-driven billing.
Client Communication: We assist in developing clear, compelling messaging around your services, value proposition, and any new or adjusted pricing models, ensuring transparency and trust with clients.
Implementation Coaching: We coach and educate your attorneys on how to talk to clients about fees and how to emphasize the value of their services to clients.
Firms that implement our Profitability Accelerator see measurable improvements in their margins within just a few months. We ensure that your firm and individual partners have the tools and confidence to solidify your value proposition, improving both profitability and client relationships.