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Mark Medice
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Mark Medice Jun 13
Excited to provide insights from our latest pricing survey. Pricing functions are climbing the maturity curve addressing profitability and cash leakage while also taking the lead on education and lawyer engagement.
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Mark Medice Apr 15
Thanks to our friends and for a well-attended webinar (250 attendees) on and pricing strategies overall. Participate in our rate trends / AFA survey here: .
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Mark Medice Feb 10
This @profperpartner
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Mark Medice Feb 7
Controversial question warning: does raising associate salaries cause write-downs?
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Mark Medice Feb 7
Early warning systems. has been commenting on the use of data serve clients. There is data abound, but not systematically applied. Early warning systems can predict bad outcomes, debt, client dissatisfcation before write-downs go crazy.
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Mark Medice Feb 7
Excellent point and confront this daily. What law firms know and how they systematically behave can be quite different. They logically understand profitability, but they don't always do it; same for client sat. Firms need support systems.
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Mark Medice Feb 7
Replying to @_pieterh @Clocktimizer
Pie in the sky are you saying we are dreeaming!!! @lawprofitchat
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Mark Medice Feb 7
As has been speaking, proper scoping of work, better staffing mix that connects to client value, smart value pricing, and a general drive away from the billable hour. We may not transform overnight (we may), but we need to start.
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Mark Medice Feb 7
Replying to @Clocktimizer
Write-downs are actually quite a problem for most law firms, average anywhere from 5 to 20%. To me it is a resulting from from three things: (1) billable hour which we have been speaking, (2) billable targets, and (3) lack of creative fee structures.
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Mark Medice Feb 7
Right -- industry change is EVERYBODY's responsibility. !!
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Mark Medice Feb 7
Fair point. Just an example, but we need to create intellectual debate and more important make strides in moving away from the hour. Today as everybody knows ~85% work for large firms is billable -- economic inputs. Must change. .
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Mark Medice Feb 7
There is a need for every law firm to discuss the notion of value inside and with clients. There is so much learning that will occurr in those discussions.
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Mark Medice Feb 7
Could not agree more. One can argue that the best thing about the billable hour is that people understand it: 60 minutes. We need more initiatives like to drive standards for creative legal service products.
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Mark Medice Feb 7
Replying to @Clocktimizer
To many folks mix up value for a discount. Value can be a premium if you are creative with service delivery, client connection, and pricng approaches (e.g., real AFAs). It is an opportunity.
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Mark Medice Feb 7
Indeed iit is the perfection mindset.
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Mark Medice Feb 7
My friend Larry Richard at has tons of research on the psychology of lawyers (and I am one!) so that has to be factored into the change process. .
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Mark Medice Feb 7
I this is the change management "journey." Firms may look at service delivery along two dimensions: (1) how do improve for today, and (2) how do we tranform for the future. And what does that vision look like? Have to get the trains moving.
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Mark Medice Feb 7
Many firms don't talk to their clients enough. What is interesting is how much new business is gotten when talking to clients -- well over 50% of the time a firm will receive more business after a discussion.
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Mark Medice Feb 7
What a great question? How does a firm know how well it is doing? Should it look at post-bill discounts, NPS's, client feedback? A systematic approach and creating client connection is essential?
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Mark Medice Feb 7
Replying to @BrentTu09582832
Does that suggest scale may play a role in this Brent? My friend Bruce MacEwen has done a thoughtful analysis about how he believes scale has limited opportunity with our current model.
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