How Should a Law Firm Approach Pricing Strategy with John Chisholm

<p><strong>John Chisholm</strong> was a US lawyer. For 15 years, he's been in law firms, using value-based pricing, and now subscription pricing. John swims in the ocean every morning with his <a href="https://www.speedo.com/">Speedo</a> around his neck.</p> <p>Pricing for law firms or even major consultancy firms is not easy. Price your final client contracts too high, and you’ll lose some of your most high-value clients. Price them too low, and you’ll be forced to work too few staff to the bone to cut costs.</p> <p>In this episode, John shares how law firm should approach their pricing strategy.  </p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Discover how to create a pricing revenue model that funds a thriving firm while generating real value for clients</li> <li>Learn how to make your law firm and consultancy clients understand the value of your service and the risks they are avoiding by hiring you compared to your competitors by communicating the value you provide</li> <li>Discover why a pricing expert is essential to the profitability of any law firm</li> </ul> <p> </p> <p align="center"><strong>“Just don't price your own work.”</strong></p> <p align="center"><em>–</em> <em>John Chisholm </em></p> <p><em> </em></p> <p><strong>Topics Covered:</strong></p> <p>01:06 – How John got into pricing: His late father’s story in relation to legal service fees</p> <p>03:06 – Doing timesheet free billing as a law firm in the 1970s to ‘80s</p> <p>05:25 – The old law business model of billing by the hour</p> <p>06:38 – How things led him to his aha moment in relation to the practice of pricing</p> <p>10:37 – Changing the mindset around pricing: Possible or not?</p> <p>15:48 – “The true indication of a really good professional is not so much the answers they give; it's the questions they ask”</p> <p>19:24 – Having a value conversation around $500 vs. $270’s worth</p> <p>22:15 – John’s pricing advice</p> <p>23:31 – Pricing table topics: “Sunk costs don't matter to pricing or any bus