How much pressure is on smaller law firms? The Lawyer’s brand new report in this year’s UK 200 series, which analyses those in the lower 100 group by revenue, suggests the answer is simple: tons.
Next Monday we will launch the UK 200: the Independents, focusing exclusively on the 100 firms in the lower half of the annual revenue ranking, a £1.308bn, 6,400-lawyer market. This data-packed exclusive report charts every single one of the 100 firms, focusing on the UK’s regional hotspots, and offering benchmarking data and detailed analysis of key metrics and trends.
The report will also highlight many of the moves this group of firms is making in an effort to compete with the larger firms in the top 100 and deal with the pressure. As Richard Burcher of pricing consultancy Validatum points out, “in a cluttered market where supply exceeds demand, a perennial challenge for firms is how to differentiate themselves and stand out from the crowd. There are many ways to do this but one that has had very little attention is pricing”.
By this Burcher isn’t talking about undercutting until a firm goes into a pre-pack arrangement. What he means is a coherent pricing strategy and execution that profitably delivers what clients want, namely: budgetary certainty, manageability and predictability; price risk sharing; pricing methodology choices; strong subjective correlation between price and perceived value; and pricing transparency.
Pricing is just one way to help a firm thrive and survive. In this year’s UK 200: the Independents you’ll find many, many others.
Meanwhile now that the dust has settled on last month’s Business Leadership Summit and Awards, don’t miss our exclusive videos detailing the highlights of the two days and the video interview with Alexander Low of JLL on property innovation.
Matt
Matt Byrne
Deputy editor
Also on TheLawyer.com:
- When management fails: a tale of Scottish law firm collapse
- Exclusive: MAB banking and finance practice to defect to Dentons
- Ashurst trials “blind allocation” of work to corporate associates in attempt to ensure fairness
| Featured briefings |
|---|
| Totum – Culture club: when job success comes down to the ‘right fit’ |
| Gateley – Directors beware: new disqualification and compensation rules |
| Shoosmiths – Electronic signatures: the legal pros and cons |
| Shepherd and Wedderburn – Focus on proactive uses for e-discovery: data management |
| Gateley – Employment: one less excuse for avoiding your homework |
