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Category Archives: Fee Negotiating
Improving Margins in a Downturn for Professional Service Firms
COVID-19 is bound to be affecting workflows and margins. Here’s a programme of activities to address this. Some are strategic and fundamental and others are tactical and operational. These are the questions that need to be answered together with the … Continue reading
How to Price Your Legal Services
In the old days we weighed the files to gauge the price. Then accountants were hired by law firms – timesheets were introduced and the majority of lawyers charged on the basis of time spent. This easily leads to over-charging … Continue reading
Posted in Fee Negotiating
Tagged accountants, discounting, management information, premium pricing, product differentiation, timesheets
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Pricing and Fee Negotiating – Training Product Using VC
I’m a great fan of using technology to drive efficiencies and improve performance and have pioneered the use of video conferencing – not just to provide information – but to change mindsets and develop skills. My latest product is a … Continue reading
Tips on Negotiating a Rise in Fee Rates
Some firms struggle to negotiate increases in fee rates. As Oliver Twist demonstrated, it can be hard to ask for more. But with staff getting annual salary increases and with inflation rates starting to go up, it becomes more important … Continue reading
Posted in Fee Negotiating
Tagged added value, Avoid ultimatums, benefits, risks, win-win
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How to Negotiate with Liars and Cheats
According to social scientists we all tell one or two lies, on average, every day. Negotiators are no exception. They may even be more deceptive as they attempt to get the upper hand. So it clearly makes sense for negotiators … Continue reading
Why Lawyers Underestimate Fees – Try This Test
The truth is that most of us are over confident about our ability to predict things. Allow me to show you… For each of the questions below, provide a numerical range that you are 90% sure contains the correct answer. … Continue reading
Improving Practice Group Profitability – The Five Big Questions
Do all the practice groups in your firm make an adequate margin? If not, what is being done to address the deficiencies? I’ve been involved in several projects which have looked at how to improve profitability. Here’s my proposed approach, … Continue reading
Posted in Fee Negotiating, Managing Change, Strategy
Tagged delegating, fee negotiating, profitability, scoping, selling the value, strategy, supervising
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Fee Negotiating – a Four Step ‘Win-Win’ Process
Many clients have asked me for a process for fee negotiating and I can recommend this four step approach: Step 1 – Client says what they want. But instead of simply getting on and doing it, as many professional service … Continue reading
Posted in Fee Negotiating
Tagged contracting, fee negotiating, making requests, pricing
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“We Will Let You Know” – the Dreaded Words After a Pitch
We’ve probably all heard these words after a client presentation: “Thank you very much. That was very interesting. We’ll give your presentation due consideration and let you know.” We typically go away and wait….and wait. Each day thinking we haven’t … Continue reading
How to price professional services
Here’s a review of the main ways that firms can charge for their services. Ideally the basis for charging should provide a win-win for firm and client. So how do the main forms of charging typically get viewed from these … Continue reading
Tony Reiss 
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