| RainToday.com Releases New Fees and Pricing Benchmark Report: Law Firms 2008 FRAMINGHAM, MA - May 22, 2008 - The newly released research study from RainToday.com and the Wellesley Hills Group, Fees and Pricing Benchmark Report: Law Firms 2008, finds that while brand reputation does not distinguish firms in terms of "who earned a profit" overall, it does make a difference when looking at the level of profit earned. More than one-third (36%) of brand leaders earned a profit of 30% or more in the past year, compared to only 15% of lesser-known firms. Furthermore, brand leaders are more likely to have seen their annual revenue grow in the past two years: 93% of brand leaders grew versus 75% of lesser-known firms. “It's clear the firms that are well-known in their target markets receive higher fees at the highest professional levels, are more likely to see their revenue grow, and are more likely to earn higher profit levels than firms that are not as well-known in their target markets,” said Rachel Hayes, Vice President and Principal Consultant of Wellesley Hills Group. “In our field of work, we've observed firms that approach branding more rigorously - in a way that engages staff at the firm, as well as the buyers in the market - generate more positive business outcomes than other firms.” Fees and Pricing Benchmark Report: Law Firms 2008 provides the actual hourly dollar fees brand leaders get vs. lesser known firms. Other major findings include: - How often do firms discount their fees? How much of a discount is offered?
- What are the most important factors firms consider when pricing legal services?
- What pricing strategies are most commonly used?
- Are service guarantees being used? What do these guarantees cover?
- What factors influenced price increases and decreases over the past two years?
“People want to know about how they compare to others regarding fee structures, pricing approaches and strategies, discounting, and overall pricing challenges,” said Mike Schultz, Co-President of Wellesley Hills Group. “Knowing how competitors in the industry are pricing their services will help firms be more competitive and more confident in their pricing.” Fees and Pricing Benchmark Report: Law Firms 2008 is the fourth of five industry reports to be released. Fees and Pricing Benchmark Reports have been released for the following industries: Consulting; Marketing, PR, and Advertising; and Architecture, Engineering, and Construction. The Fees and Pricing Benchmark Report: Accounting & Financial Services Industry is available for pre-order. For additional report details and to view a complete table of contents of the Fees and Pricing Benchmark Report: Law Firms 2008 report, please visit the RainToday website at http://www.raintoday.com/feesandpricinglaw.cfm. About Wellesley Hills Group The Wellesley Hills Group (http://www.WHillsGroup.com) is a management consulting, marketing, and lead generation firm focused on helping professional services firms grow. Wellesley Hills Group specializes in working with consulting, accounting, A/E/C, technology, legal, financial, and other services firms to increase revenue and generate higher profits. Wellesley Hills Group publishes RainToday.com to provide a premium source of information for professional services firms and service practitioners to help them market and sell their services. About RainToday.com RainToday.com (http://www.RainToday.com) is the premier online source for insight, advice, and tools for service business rainmakers, marketers and leaders. Based in Framingham, Massachusetts, RainToday.com features the most up-to-date resources including articles by industry experts, how-to guides and tools, sales and marketing research reports, webinars and events, and a free weekly newsletter, the Rainmaker Report. Contact Information
Karina Duran
Associate
Wellesley Hills Group kduran@whillsgroup.com
p. 508-626-9991 ext. 212
f. 508-848-3082
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