ALM recently released the results of its 2014 Survey of Law Firm Economics. Included in the annual survey’s results is a comparison of hourly rates by region. As mentioned in July’s post, billing rates are a substitute for price tags, which is the outward (i.e., market) expression of your pricing strategy.

Your price tag is a signal to your market about your Positioning.
Your price tag is a signal to your buyer about their Purchasing decision.
Your price tag, ultimately, determines your Profitability.
(Positioning, Purchasing, Profitability = the three Ps of Pricing)

Many factors must be considered when setting your price tag, especially competitors’ prices.
ALM’s Survey is valuable for providing competitive intelligence:

2014 Law Firm Hourly Rates

 

ALM Survey Captures Hourly Rate (aka Price Tag) Data
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