This issue of VQ Newsletter is dedicated to the fifth VQ Knowledge and Strategy Forum, held on 8 October 2014 in Stockholm. More than 170 law firm managers, general counsels and other legal market professionals attended the forum for discussions on the changing legal market and the future of legal service.
At VQ Forum, key note speaker, Richard Burcher, Managing Director at Validatum, and regarded as the leading international authority on pricing legal services, provided his insights on smart pricing strategies, which was then followed by sessions focusing on legal market changes in practice.
Jonathan Whittaker, Senior Partner at SAS Daniels LLP, explained how his passion for operating his law firm as a business had made SAS Daniels LLP highly successful and profitable.
Christina Wikström, Managing Director and Senior Legal Adviser at Wikström & Partners, gave practical examples on offshoring legal services from Swedish organizations, and discussed the benefits and relevant risks.
Jason McQuillen, Head of Managed Legal Services at Radiant Law, explained how the firm has focused on delivering projects quickly and effectively.
Tine E. Wærsten, Head of KM and Marketing at Advokatfirmæt Selmer DA, shared her experience from the firm’s innovative strategies, new approach to staffing and widened competence focus to provide multidisciplinary services.
Some of the key take aways from the day were that
- legal practice can successfully be operated like any other business and apply “normal” business practices when it comes to organization, productivity, cost and pricing, as evidented by the examples where new business models and pricing strategies have led to substantial profit growth;
- clients are asking for different pricing options and greater transparency and involvement in pricing decisions, rather than, as is often assumed, the lowest possible price;
- it is possible for law firms to provide fixed fees and yet be extremely profitable, if the pricing strategy is combined with a focus on internal processes and IT support;
- both internal and external legal advisers need to focus on commercial aspects and efficiency; and
- offshoring of legal service has substantial benefits that are worth considering also for Swedish organizations.
For a more detailed summary of all sessions, please see VQ Newsletter October 2014 »