Burcher Jennings came away with an impressive glass trophy, the prize for New Entrant of the Year, at the 2014 Modern Law Awards. The award was presented by former MP and celebrity raconteur Giles Brandreth at a glittering ceremony at the Park Lane Hilton.
Burcher Jennings is an innovative lawyer-run business taking a unique approach to the most crucial legal industry issues in 2014 – pricing and billing. Burcher Jennings was created in April of this year from the fusion of law firm pricing consultancy Validatum and Jennings Costs.
At the heart of the business lies the desire to enable legal sector businesses to incorporate sophisticated pricing and costing best practice into existing structures. The aim is to provide legal sector businesses with a tangible method for improving profitability and cash flow, and to deliver genuine value for money to clients through the use of better practices.
Traditionally, pricing and costing have often been left to internal departments within a legal sector business. It has predominantly been a secondary function to the main focus of winning and completing legal work. However, the impact of poor pricing and costing methods is often deeply felt, whether in the context of losing tenders or poor margins or inadequate costs management.
Whilst the consequences of poor cost and pricing practices can be broadly felt, until now it was hard for the leaders of law firms to find the support they needed for a change of mindset. The legal profession is often accused of being set in its ways and resistant to change but Burcher Jennings has developed a way for providing easy to incorporate solutions to any aspect of pricing and costs in the legal sector. It was this transformative impact which impressed the Modern Law Awards judges.
Richard Burcher, chairman of Burcher Jennings said: “We’re delighted that the big step we took earlier this year to combine our talents has been acknowledged by the Modern Law Awards judges, but even more importantly by our colleagues and client firms.
“The age of law firm mergers, cutbacks, economic pressures and the constant demand to create more efficiency within existing best practice demanded some fresh thinking. Uniquely we offer an holistic, one-stop shop approach, tailored exactly to the needs of the legal sector and of each firm – this is not a generic one size fits all offering.
“As well as the judges, I’d like to thank the leaders of the law firms with whom we have worked. Their willingness to embrace change represents a very promising future for the sector.”
Martyn Jennings, CEO of Burcher Jennings said: “I’d like to say a big thank you to the Burcher Jennings team, who work very hard to constantly improve and extend the insight and services we offer to law firms. This award is testament to their success.
“Costs and pricing have been seen as dusty, perhaps even boring back-office disciplines. We give firms the skills and insight to turn costs and pricing into beneficial best practice, rather than processes which hamper productivity and progress. Our services are refined to reflect up-to-the-minute market developments – such as the increasing demand for fixed-fee pricing and the escalating importance of costs budgeting. We also offer coaching and training, including pricing workshops, of which we have already hosted several hundred.
“Firms with whom we have worked say that they benefit from standing out from their competitors, increased profitability and stronger working relationships with happier clients.”