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?a. evaluating competitors' pricesb. choosing a basis for setting pricesc. determining the final priced. assessing the target market's evaluation of pricee. developing pricing objectives

Answer 1

C) determining the final price

Step-by-step explanation:

Since Malcolm is an experienced lawyer, he chose the pricing strategy that he thought was best according to his past experience regarding his work and probably his competitors'. Now that he knows how he will price his legal services, he must determine his fees. A lawyer offers several different services, all under legal services, so Malcolm should set a fee for each type of service he will provide.