Price Psychology: The Psychology Behind Setting Legal Fees with Dr. Kai-Markus Müller

Counsel Cast

In this episode, Dr. Kai-Markus Müller joins me to discuss and understand the psychology behind pricing models and pricing structure, and how to better frame legal fees.

Kai-Markus Mueller is a Professor of Consumer Behaviour at HFU Business School of Furtwangen University in Schwenningen, Germany, and Director of Pricing Research at Neurensics, Amsterdam. He previously founded and ran a start-up where he developed NeuroPricing™, a suite of neurotechnology-based methods to measure and model the optimal price – meanwhile acquired by Neurensics. Before, Kai gained experience both as a neurophysiologist at the US government and as a strategy consultant with an international management consultancy. He holds a PhD in neuroscience.

His work has been featured by the BBC, Forbes, Businessweek, ZDF, Der Spiegel and many more. His latest milestone is a book co-authored by top sales expert Gaby Rehbock titled “The Invisible Game – The Secrets and the Science of Winning Minds and Winning Deals”.

Kai-Markus gives listeners actionable tips on:

• [4:00] The main mistakes lawyers make on discovery calls
• [7:15] Does a ‘payment threshold’ exist?
• [13:40] How to apply Kai-Markus’ research to attorney pricing strategies
• [14:50] The price quality heuristic
• [16:55] How to create perceived value without going too far
• [21:15] Tips build reassurance and trust
• [24:45] Changing value by how we frame things and understanding decoy pricing
• [32:40] Kai-Markus’ book review
• [36:00] One big takeaway from this episode

Resources mentioned in this episode:

• Noise by Daniel Kahneman

Connect with Kai-Markus here:

• https://twitter.com/neuropricing
• https://www.facebook.com/kaimarkus.mueller
• https://www.linkedin.com/in/kaimarkusmueller/
• www.kai-markus-mueller.com

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