The way in which professional services are priced is changing rapidly. These developments reflect changes in client perceptions of value, client price sensitivity, and client pressure for firms to adopt new business models and pricing mechanisms that reward efficiency and successful execution.
Addressing these changes requires an accurate basis for assessing and managing profitability. Without this, partners are pricing blind, and unprofitable pricing decisions are almost inevitable. Partners also must be able to make pricing decisions within a defined strategy that identifies the appropriate boundaries, mechanisms, and pricing levels that their firm should apply.
Effective pricing requires an understanding of firm strategy, finances, and operations, as well as a detailed knowledge of client needs and expectations. Fairfax combines experience in all of these areas to assist firms in achieving powerful improvements in financial performance. Fairfax supports the development of pricing strategies and novel pricing mechanisms. We work with firms to provide practical and useful tools for setting prices and for monitoring client and matter profitability.