Module 2
Pricing policy and billing: rates, discounts, fixed fees, bills and what clients are told
The previous course in this series and the Matter Economics and Pricing course look at how to price an individual matter. This module looks at pricing as a policy of the firm: the rates that the firm sets and why, who may discount and by how much, how fixed fees are governed so that they are priced from evidence and not hope, how often and how bills go out, and what clients are entitled to be told about costs. These are management decisions, not legal ones, and they decide a great deal of a firm’s profit. A firm without a pricing policy has as many policies as it has partners, and the clients find out which partner will give the biggest discount.
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See what is included in All-Access →General education on law-firm finance, using invented firms and figures. It is not accounting, tax, financial or legal advice. Rules on accounting, tax, client money, insurance and fees differ between countries and change: take advice from a qualified accountant and check your regulator’s current rules.
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