Law Firm Pricing: Strategies, Roles, and Responsibilities

This report clearly defines the skills and responsibilities of the pricing director and will help law firms to develop strategic pricing.

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Details

Description

Key report features

  • In-depth advice on the need, impact, and profitability of hiring a pricing director
  • Detailed insight into the function and skills of a pricing director
  • Clear definition of the strategic position of pricing within a firm
  • How to evaluate the benefit of a pricing director for your firm and its clients
  • Real-world scenarios.

The new path to profitability is paved with pricing directors. That’s the trend we’re seeing, with more than 50 pricing positions created for Am Law 200 firms in 2012.

Put the ‘ah!’ in RFP

The push is on for law firms and clients to focus on their pricing and matter management strategies. By hiring a pricing director with skills in analytics, technology, commerce, and communications, you’re set to create effective pricing strategies and support your firm’s competitive advantage.

Who’s in the hot seat?

Your pricing director is the budget builder, the profit modeller, the counsellor, the monitor, and the approver: you want to make sure that those already in this role are comfortable with its evolution, or that a new hire can confidently take on the challenge.

Brown and Cordo’s Law Firm Pricing: Strategies, Roles, and Responsibilities clearly defines the skills and remit of the person required to fill this demanding and responsive role. It provides practical guidance into hiring and developing a strategic pricing role within your law firm that drives successful relationships and profitability.

Contents

Chapter 1: Why a pricing role?

Chapter 2: The roles and responsibilities of the pricing director

Chapter 3: Pricing and profitability

Chapter 4: The importance of a pricing strategy

Chapter 5: Developing the right pricing model based on data

Chapter 6: Engagement monitoring

Chapter 7: Delivering the pricing message effectively to the client and within the firm to gain buy-in

Chapter 8: Pricing technology

Chapter 9: Beyond finance

Chapter 10: Pricing – A very challenging role

Chapter 11: Appointing the pricing director and team

Check our Executive Summary and full table of contents here

Authors

Toby Brown
Toby is the director of strategic pricing & analytics for Akin Gump. In this role Toby works with firm partners and clients in developing pricing arrangements and service delivery models that drive successful relationships. Prior to this, Toby served in similar roles for both Vinson & Elkins and Fulbright & Jaworski, where he also drove knowledge management (KM) initiatives and various marketing efforts. Before joining Fulbright, Toby served as the communications director for the Utah State Bar. In his tenure with the Bar, he also served as the CLE, access to justice and programs director.Toby presents nationally on legal pricing, marketing, technology, and law firm management for associations, law firms, legal departments, law schools, and paralegal programs. He has also published numerous articles on these topics. Toby has served on a number of legal services boards, bar association task forces, and legal market organizations. He received the Peer Excellence Award, the President’s Award, and the Anne Charles Award from the National Association of Bar Executives. Toby maintains the ABA award-winning 3 Geeks and a Law Blog along with two colleagues, and can be found on LinkedIn.  
Vincent Cordo, Jr
Vince serves as the global director of client value for Reed Smith. He leads the firm strategy related to the evaluation and implementation of value pricing, alternative fee arrangements (AFAs) and matter management. He is responsible for organizing efficient and capable teams of professionals to align project management and process improvement with business drivers, assigning resources, tools, and tactics to satisfy business and client needs. As the leader of Reed Smith’s project management office (PMO), Vince oversees the strategy and application of legal project management, while working to drive efforts to define and deliver maximum value to clients. His team includes financial analysts and project managers who prepare and analyze various pricing alternatives, and who assist with matter management firmwide. Throughout his career and prior to joining Reed Smith, Vince has held the positions of business development director, business consultant, global director, project manager, and engineer. In these roles, Vince worked with venture capital firms, assisting with multiple public offerings, and he also took the lead on a number of diverse business, information technology, and project management initiatives for a wide range of clients. Vince is a recognized leader and speaker in the fields of AFAs, project management, business process improvement, knowledge management, service delivery, and a variety of related disciplines. He is a Six Sigma Black Belt, is a member of the Society for Information Management, ILTA, the AFA Forum, Six Sigma and Project Management Institute, and helped form the legal industry Pricing Practice Innovation Project Management Group (P3). Vince is active on Twitter and can be found on LinkedIn.