Jurisdiction(s):
United Kingdom

Key definition

Performance definition

What does Performance mean? In copyright practice, performance means the live rendition of a literary, dramatic or musical work to an audience; doing so “in public” is a restricted act that normally requires the copyright owner’s permission/licence. This is set out in section 19 of the Copyright, Designs and Patents Act 1988 (UK) and the Copyright and Related Rights Act 2000 (Ireland). Whether an act is “in public” is determined by context and case law; private or domestic use is excluded. For films and sound recordings, the analogous restricted act is showing or playing in public; online streaming is generally treated as communication or...

Pricing Strategy in Law Firms: Profitability, Governance, Analytics, Skills, Stock‑take and SRA Transparency (England and Wales)

Published by a LexisNexis Practice Management expert

Practice notes

Businesses are continually seeking ways to raise Performance, and effective pricing can play a pivotal role in boosting the bottom line over time and with deliberate attention. This Practice Note introduces pricing in Law firms and sets out guidance on key considerations for any firm aiming to adopt a more sophisticated pricing Model. Pricing warrants attention in every business—the connection between price and profitability surfaces both in anecdotes and in deeper analysis.

Although the outcomes from refining pricing strategies and tactics will differ greatly, one study indicated that pricing has two to four times the potential to influence profitability when compared with other business levers. Firms that recognise and actively pursue pricing as a central strand of their strategy typically outperform industry peers without a pricing focus across several important financial metrics, eg return on equity and net profit. Firms that are moving towards pricing improvement are also demonstrably benefiting relative to peers that are not, even where the pricing programme they are running is still a work in progress and clearly measurable in the short term.

Pricing in law firms

When considering how to enhance pricing, managers often view this solely from the firm’s perspective and envisage being able...

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Web page updated on 21/05/2026

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