Question

Malcolm has decided that he wants to open up his own law practice. The time has come to establish prices for his services. Due to his extensive experience and legal background, he believes that his fees should not relate directly to the time or effort spent on specific cases. Now that Malcolm has chosen the pricing strategy he wants to use, what is his next step

Answer 1

Answer:

determining the final price

Explanation:

In the given scenario Malcolm wants to use a pricing strategy that relies on his extensive experience and legal background rather than on time or effort spent on cases.

So he is promoting a higher quality of legal representation compared to other firms.

The next step in his pricing strategy will be to set the final price he wants to.offer his services.

This should be done by taking note of other law firms operating in the same community. A price that is too high will drive customers to competitors.