We study standard monomial bases for Richardson varieties inside the flag variety. In general, writing down a standard monomial basis for a Richardson variety can be challenging, as it involves computing so-called defining chains or key tableaux. However, for a certain family of Richardson varieties, indexed by compatible permutations, we provide a very direct and straightforward combinatorial rule for writing down a standard monomial basis. We apply this result to the study of toric degenerations of Richardson varieties. In particular, we provide a new family of toric degenerations of Richardson varieties inside flag varieties.