Author: Richard Burcher
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Mind the Gap
If you’ve ever travelled on the London Underground, you’ll be familiar with the constant announcement: “Mind the Gap.” It’s a simple but essential warning to take care when stepping between the train and the platform. In the legal world, there are two critical “gaps” that firms must navigate—both of which have significant implications for profitability…
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Why your budgets are wrong 90% of the time.
Optimism bias is a common psychological tendency where individuals believe they are less likely to experience negative outcomes and more likely to enjoy positive ones than others. In the context of legal pricing, this bias can lead to underestimating time, costs, and risks, ultimately harming profitability and client relationships. By recognising optimism bias and integrating…
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Leveraging Generative AI in Law Firms: A Balanced Approach to Cost Savings and Compensation
The legal industry is undergoing a transformative shift with the integration of generative artificial intelligence (AI). As law firms strive to enhance service delivery, the hybrid model—combining human expertise with advanced technology—emerges as a compelling strategy. This model not only promises substantial cost savings for clients but also necessitates a fair compensation framework for law…
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The Importance of Integrating Risk Profiles into Legal Pricing
Pricing strategies are not just about reflecting the time and effort required to deliver a service; they also need to account for the risk profile of the work being undertaken. This approach is both a practical necessity and a regulatory requirement in most Western legal jurisdictions. Failing to incorporate a proper risk assessment into pricing…
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Adapting to Change: The Dual Imperative of Power Tools and Pricing Innovation in Law Firms
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The legal industry is undergoing a profound transformation driven by technology (which, for convenience I refer to in this article as ‘power tools’, because, well, who doesn’t like power tools! As law firms increasingly adopt advanced tools aimed at enhancing efficiency and responsiveness, a paradoxical challenge emerges: the very technologies that improve performance also threaten…