Olswang targets pricing boffins to gain market advantage

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  • ho hum - law firm tries to work out how to charge its clients. not really news is it.

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  • Has 1 April already come around again? Do me a favour - this is a joke!

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  • The date can provide an idea of what rate would undercut the competition, but they won't provide an idea of whether the firm should. Unless it's a race to the bottom, I'd like some more insight into the subjective criteria upon which pricing decisions are made once the objective data are reviewed.

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  • I agree, Jon. It's important to have access to reliable financial information to inform pricing decisions. However law firms also need to have a clear strategic view of where they want to position themselves in the market, and thus whether they want to undercut the competition.
    There can only be one lowest cost provider in any sector. The rest will need to be competitive on some basis other than cost if they are to be successful.

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  • The rather snide criticisms here are completely misdirected. The lack of science around pricing, and the absence of robust financial information which typify so many firms' pricing efforts is more deserving of derision. This seems like a serious effort to be forensic. Whether or not it is enough in itself, or can be improved upon, no doubt Olswang will discover over time, but in pitches to come, it would not surprise me if they have the last laugh.

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  • I agree with your sentiment Stephen. We have built an entire business on providing robust research to professional service firms, where for too long they managed their businesses on the basis of anecdote instead of data.

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  • Whilst I agree with Stephen, what is a little sad about this story is that the firm in questions spent a 5-figure sum to buy Qlikview and then 2 years of man effort trying to develop profitability analytics unsuccessfully. They then spent a large 7-figure sum on a new PMS and still seem to be struggling!?!?!? When will people learn?

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  • Dear Anonymous
    There is nothing sad about this story other than you are completely out of touch with modern analytical data analysis. Qlikview was purchased to support the limitations of the old accounting system pre Elite3E go live and was a super product to support the old accounting platform in this period. It was pricey but an investment none the less. Still struggling, what would you know sounds like sour grapes to me, probably not intelligent enough to master the concept of real value pricing.

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