The increasing complexity in recent years of how clients can pay for legal services has given rise to a new breed of legal professional: The pricing strategist.
Hogan Lovells in 2015 appointed pricing expert Terry Williams, who has established a 10-person in-house team dedicated to strategic pricing that works off of client-specific data. Although Hogan Lovells’ investment in the size and complexity of its team was noted by Law.com as robust even for a firm so large, that increased dedication of resources to pricing strategy is echoing across the legal profession.
Although devoting resources to pricing is common at large and mid-size law firms, they will likely begin to use professionals who are solely dedicated to the task more and more frequently, attorney and law firm consultant Roxanne Jensen of EvolveLaw said.
“As there are more difficulties with change management and more complexity in these deals, then the qualifications of the pricing professionals really need to be refined, and the demand will grow for them over time,” Jensen said. She added that people doing pricing strategy work need to have expertise in related fields, such as the business of law and finance. Pricing professionals will likely come from advanced positions in industries the law firms serve.