Priceless – How Behavioural Economics Impacts Pricing of Legal Services
Liz Harris, John Chisholm & David Wells - The Innovim Group
Presentation Date & Time:
Thursday 5 September 2019
In an era of disruption to the legal industry, transformation of pricing is crucial to ensure a firm not only survives but thrives. Traditional law firm billing models treat clients as rational decision-makers whereas, behavioural economics proves that our decision making is influenced by biases, experience and emotions.
This session will look at why an understanding of how clients make purchasing decisions can be used to not only transform the purchasing behaviour of clients but the lawyers’ perceptions of their own value.
It will bust some of the classic pricing myths:
- Clients always want the lowest price
- Certain legal work is a commodity and price is therefore crucial
- Discounts increase sales
- Clients are able to rationally compare offerings
- Corporate clients act rationally when choosing a law firm
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