Description

The Director of Pricing will work closely with the Global Director of Legal Operations, Firm Leadership, Practice Group Leaders, and the Practice Management teams to design, build and develop client budgets and implementation of legal service and pricing strategies to provide alignment to clients' needs and meet firm profitability goals; act as the voice of the client, working directly with clients and prospective clients on developing service delivery models, fee arrangements, analytics and tools aligned to their business goals.

Develop value based fee structures including alternative fee structures and will partner closely with members of the firm’s Finance team to develop metrics and tools for measuring profitability and the impact of the firm’s pricing strategies; create Baker McKenzie's performance monitoring and reporting, help optimize client service delivery models, and develop metrics that allow clients to qualify and quantify the value they are realizing through partnering with the Firm.

Work closely with the Business Development team in preparing client RFPs; collaborate with Partners, firm leadership, senior management, marketing, finance and IT on strategy, coordination and relationship management of key client relationships.


Responsibilities:

  • Work in close cooperation with Global Director of Legal Operations to define, enhance and implement standardized and scalable pricing capabilities and governance
  • Lead and direct others in developing a holistic pricing program to support matter management, particularly for those matters with budgets or other alternative fee arrangement
  • Engage and assist in rate and fee conversations and negotiations directly with key clients and in cooperation with firm Partners
  • Collaboratively develop fee options in partnership with clients
  • Drive alignment between client needs and initiatives with the resources of the firm including, but not limited to value based billing, alternative fee arrangements, pricing, legal service delivery, new product development and innovation
  • Act as a sophisticated purchaser on behalf of clients' legal operations, creating value based fee structures according to the client needs and expectations
  • Establish and lead the firm’s global pricing strategy creating pricing models that align price with the value of individual client arrangement
  • Work with and guide the client financial analysis team in the preparation of client fee arrangements. Create competitive pricing proposals by analyzing historical cost data, leverage, and matter information
  • Responsible for analysis of existing client relationships and comparable arrangements to offer pricing alternatives that provide predictability to the clients and meet firm profitability goals
  • Oversee the development of economic models to assess the profitability of new business proposals and assist in the development of creative pricing solutions
  • Work with Partners, Business Development teams and firm leadership to oversee the financial and pricing responses for client RFP submissions and other client pitch materials
  • Support existing and develop new technologies to support pricing and reporting strategy and metrics to track performance against budget and financial standards, both for individual matters and overall client relationships. Utilize these systems and processes to drive efficiencies for the firm and its clients
  • Initiate and participate in client meetings to determine client needs at the macro level as well as the practice and matter level when appropriate
  • Monitor profit margins for client fee arrangements to ensure that the firm stays on track to complete legal matters profitability
  • Work closely with members of the Finance function and practice management teams to ensure that proposed AFAs for specific engagements are aligned with the firm’s overall objectives and expectations for each matter

Skills and Requirements:

  • Deep experience of pricing strategy with significant management experience in a global setting, ideally in a professional services environment
  • Proficiency in law firm operations, legal accounting and finance
  • Strong understanding of the elements of law firm profitability at practice group, service line, client, matter and attorney level
  • Relevant undergraduate degree required; an MBA is strongly preferred
  • Rigorous integrated analytical and financial management skills
  • High level of familiarity with, or an aptitude for development of, market practices relative to pricing, legal project management, practice innovation approaches and partnering with emerging providers within a law firm setting; awareness of technology applicable to the function; demonstrated knowledge of the global marketplace for legal and professional services
  • Outstanding communication skills; demonstrated ability and desire to work collaboratively with senior-level professionals to help them succeed in meeting their business development objectives
  • Ability to work independently; willingness to work hands-on to achieve objectives in a relatively flat organizational structure