My friend John Chisholm hit the big time last week, he made the front-cover of Issue No.5 2021 of Legal Business World. All joking aside, John’s article ‘Who subscribes to your law firm?‘ (starts on page 8) is a really good read.
One of the gems I took away from John’s article is what he calls: ‘The 5Cs of Value’, which are (in his words):
- Comprehend value to clients.
- Create value for clients.
- Communicate the value you create.
- Convince clients they must pay for value.
- Capture value with strategic pricing based on value, not costs and effort.
These are really good cornerstones to have, even if you don’t subscribe to John’s views of value-based pricing (did you see what an did there 🤪).
In any event, if you are new to the concepts of subscription and value based pricing, read the article because you’ll get a lot out of it.
And if you want to know more about the important topic of value based pricing in law firms, call him – but make sure to extract as much value as you can from him!
Great tips Richard (and John)