Director of Pricing
Director of Pricing
The Director of Pricing is responsible for developing, implementing, and managing pricing strategies and initiatives for the firm. This role works closely with partners, practice group leaders, clients, and other key stakeholders to analyze, recommend, and negotiate optimal pricing arrangements for the firm's legal services. This individual provides guidance and coaching to partners and business professionals on pricing best practices. They are instrumental in building, communicating and maintaining proposals and budgets. The Director of Pricing provides consistent and proactive analysis on client financials to optimize performance and predictability on matter results. They must possess strong analytical, communication, and strategic thinking skills to ensure the firm remains competitive and profitable.
ESSENTIAL DUTIES AND RESPONSIBILITIES*
- Develop and implement pricing strategies and models to optimize profitability and competitiveness of the firm's legal services.
- Collaborate with partners, practice group leaders, and business development teams to understand client needs and develop customized pricing solutions.
- Analyze historical pricing data, market trends, and competitor pricing to inform pricing decisions and recommendations, including annual rate reviews.
- Assess the financial impact of various pricing scenarios and develop recommendations for pricing adjustments.
- Support partners with pricing proposals, reporting and analysis and understanding of profitability measures.
- Participate in client negotiations and support partners in presenting pricing proposals to clients.
- Monitor the effectiveness of pricing strategies and initiatives, making adjustments as needed to meet the firm's financial goals.
- Develop and maintain pricing-related tools, systems, and processes to support efficient and accurate pricing analysis and decision-making.
- Provide training and guidance to partners and staff on pricing-related topics, tools, and processes.
- Collaborate with finance, billing, and other teams to ensure accurate and timely implementation of agreed-upon pricing arrangements.
- Prepare and present pricing-related reports and analyses to firm leadership and other stakeholders as needed.
- Assist with other duties as assigned and special projects as assigned by the CFO or Sr. Director of Finance
- Strong analytical and problem-solving skills, with the ability to analyze complex data and develop actionable recommendations.
- Excellent communication and interpersonal skills, with the ability to clearly explain complex financial concepts to non-financial stakeholders.
- Superior customer service focus and a demonstrated ability to work in a challenging, time-sensitive and dynamic environment.
- Advanced proficiency in Microsoft Excel, PowerPoint and experience with financial modeling and data analysis tools.
- Familiarity with legal billing practices, alternative fee arrangements, and industry pricing trends.
- Demonstrated ability to work effectively with cross-functional teams and build strong relationships with internal and external stakeholders.
- Strong attention to detail, organizational skills, and the ability to manage multiple priorities and deadlines.
- Self-motivated and results-driven, with a continuous improvement mindset and the ability to adapt to change.
- Bachelor’s degree in finance, accounting, economics, business or a related field required. MBA preferred.
- Minimum of 10 years of experience in pricing, financial analysis, or a related role required, preferably in a large law firm or professional services environment.Prefer at least 5 years of supervisory/employee management experience.
- Strong working knowledge of Elite/3E or other law firm accounting software preferred.
- Experience with profitability/matter management tools such as Iridium is a plus.