What is the story about?
What's Happening?
Osprey Approach is launching a new series of webinars titled 'Build Better Habits,' focusing on the pricing strategies of law firms. The first episode will delve into the debate between traditional billable hours and value-based pricing models. Amy Bruce, the marketing director at Osprey Approach, will host the webinar, featuring Scott Simmons, owner of Legal Balance, and Simon McCrum, owner of McCrum Consultancy. The discussion will address whether the billable hour remains the gold standard, how pricing models affect client relationships, and the role of technology in pricing strategies. The webinar aims to provide practical advice and insights into improving client satisfaction and profitability by rethinking legal service charges.
Why It's Important?
The exploration of pricing strategies in law firms is crucial as it directly impacts client satisfaction and the profitability of legal services. Traditional billable hours have long been the standard, but value-based pricing offers an alternative that could enhance client relationships and firm competitiveness. As technology continues to evolve, it influences how legal services are priced, potentially leading to more efficient and client-focused practices. This webinar provides an opportunity for law firms to reassess their pricing models, adapt to technological advancements, and remain competitive in a changing market.
What's Next?
The webinar is scheduled for October 9, 2025, and is free to attend. Participants can register online to gain insights from industry experts. Following this event, law firms may consider implementing changes to their pricing strategies based on the discussions and advice provided. The series will continue to explore various aspects of law firm management, encouraging firms to adopt client-focused habits and leverage technology for better service delivery.
Beyond the Headlines
The shift from billable hours to value-based pricing raises ethical and moral considerations for law firms. It challenges ingrained habits and behaviors, prompting firms to evaluate their approach to client billing. As technology plays a larger role in legal services, firms must balance innovation with ethical practices, ensuring that pricing strategies align with client needs and expectations.
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