Pitch Perfect? Why Law Firms Lose Margin Before Work Even Begins
According to George Egford, solutions manager at BigHand, the gap between projected and realised profit often has little to do with the client being 'unprofitable', but rather with the process.
Without budgets, scope creep becomes inevitable
Egford, who previously worked in the pricing function at a law firm, notes that BigHand's 2025 Pricing Trends Report highlights the issue of firms losing margin due to poor control of pricing, engagement, and execution fundamentals.
The 'Pitch to Profit' model is used to explain where value is won or lost, providing insight into the challenges law firms face in terms of financial productivity.
Author's summary: Law firms often lose margin due to process issues, not client unprofitability.
- Law firms face challenges in financial productivity
- Poor control of pricing, engagement, and execution leads to lost margin
- The 'Pitch to Profit' model helps identify where value is lost
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