It's a Debate: Should Law Firms Hire a Pricing Professional?

Sponsored by the Client Value SIG

Domain: Business of Law

Over the last four years, the legal industry has witnessed a meteoric rise in the amount of attention given to the topic of law firm pricing. Many firms -- over 100 at last count -- have even created full-time pricing roles to leverage their firms' internal resources as they seek competitive advantage in the post-Great Recession climate.
Has this gone too far? Do firms really need a pricing professional?
For supporters, these new professionals bring a special expertise to the law firm. Their unique skills and perspectives add a competitive edge. In addition to their full-time commitment, they are allowed to operate across the firm, not stuck in a Finance or Marketing/BD silo.
For detractors, pricing professionals are an unnecessary Band-Aid. They don't fix the problem, which can be solved with internal resources. Rather than hire a new professional, law firms need to empower Finance or Marketing/BD staff to lead the pricing initiative, or have the two collaborate! Plus, most law firms are not ready for a pricing specialist.

Michael Byrd, Principal, Soar Legal Consulting
Stuart Dodds, CPP, Director, Global Pricing and Legal Project Management at Baker and McKenzie
Patrick Johansen, CLM, CPP, Director of Business Development at Brinks Gilson & Lione

Price: Complimentary for Members

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