Today is Law Firm Pricing Day | Patrick on Pricing

Is the legal community ready to celebrate pricing? Probably not, but I am declaring October 22nd to be Law Firm Pricing Day.

Why today? There are plenty of other milestones to celebrate on this date in history: founding of Princeton University (1746), opening of the Metropolitan Opera House (1883), the Supreme’s first No. 1 album (1966).

On this date more than twenty years ago — October 22, 1993 – The New York Times declared, “Revolution in Lawyers’ Fees: The Meter is Being Shut Off.” It was the first time a major media outlet discussed law firm pricing in the public sphere. (In fact, based upon my research, the next journalistic piece does not appear until 1997.)

Twenty-one years later, the article is still a very relevant description of the legal industry. More importantly, our industry has embraced pricing as never before: nearly 100 full-time pricing professionals, more than 200 articles in pricing, annual surveys, an annual conference (LMA’s P3), regular events and presentations, etc. It’s time to celebrate!

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Today is Law Firm Pricing Day | Patrick on Pricing.