October 24, 2007

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Director of Pricing and Profitability

Location: Roseland, NJ
Date Posted: 01-30-2019

The Director of Pricing and Profitability will partner with Firm Leadership, Department Chairs, Practice Group Leaders, Business Development Professionals and other firm stakeholders to design and implement strategies to ensure the effective and profitable delivery of legal services to our clients through creative pricing partnerships, process improvement and legal project management. The individual in this role will have an extensive knowledge of the relevant technology required to support and maintain this critical business function and be an integral part of the business/technology solutions. The ideal candidate will be a confident, collaborative leader with excellent analytic and communication skills, strong consultative abilities, a high client service orientation, and a record of delivering impactful results to the business. The role will also provide advice and counsel to internal stakeholders on profitability concepts, legal project management and attorney-client communications with regard to pricing strategies. This role will be responsible for the continual development & training of the strategic pricing and legal project management for the business by continually reviewing and developing the firm’s pricing approaches to ensure that they are in line with market best practice and aligned with the profitability goals of the firm. This position will be a key influencer at the firm, creating a greater awareness of the effect of pricing and contributing to the growth of a profit focused mindset in the business.

Essential Job Requirements
  • Serve as the firm’s primary resource for pricing-related matters and billing rates. Drive the development of creative pricing solutions to meet client needs and business objectives, including the use of alternative fee arrangements. Provide coaching, advice, and support to lawyers and others involved in pricing proposals and approvals, advancing pricing as a strategic tool to build and enhance client relationships.
  • Work directly with clients (as appropriate) as part of the service team to identify the client’s business objectives and cost pressures to help structure fee arrangements and project plans that are aligned with those objectives. Leverage client need and pricing sensitivities to develop fee proposals aligned with client goals.
  • Work with Practice Leaders and Business Professionals to develop proposals for billing rates for all timekeepers, ensuring rates are set to maximize profitability with appropriate consideration of practice mix and market realities as well as compensation and other costs; anticipate market changes and implement strategies that enable the firm to remain a leader in key disciplines. 
  • Build and maintain a platform for evaluating billing rates using regional and practice-specific competitive benchmarking tools and internal analytics on realization and profitability.
  • Establish economic models to assess the profitability of new business proposals; develop and implement robust tools to compare planned to actual profitability of alternative pricing arrangements, and to capture and apply lessons learned to enhance future planning and profitability.
  • Develop and implement tools, technology and processes for efficiently mining information about past investment in different types of work to support partners in the development of reliable budget estimates used in devising and evaluating alternative fee arrangements. 
  • Work with attorneys, practice groups, and other business professionals to draft the financial and pricing responses to client RFP submissions.
  • Manage staff to interpret requirements, synthesize accurate data, and deliver targeted financial analyses and recommendations to attorneys, firm leadership and other functional groups with respect to pricing alternatives, client profitability, internal resource utilization, project management and billings and collections.
  • Oversee development of best practices in matter planning, monitoring and management, and provide appropriate training to attorneys and professional staff. 
  • Assist with the Development, implementation and promotion of firm-wide legal project management policies and processes; implement legal project management with new and existing technologies, including software packages/platforms as appropriate. 
  • Promote and develop process improvements that utilize staffing and state of the art technologies to deliver legal services in a more efficient manner with greater profitability.
  • Curate and mine accurate data which allows for informed decision making.
  • Keep abreast of changing and emerging technologies which support and enhance the role and function.

Skills, Knowledge and Abilities:
  • Advanced Degree in Business Administration, Accounting, Finance or Economics; JD preferred. 
  • Minimum of 10 years in financial analysis, preferably in a law firm or other professional services environment. 
  • Strong track record of supporting and coaching decision-makers and client-facing professionals on pricing strategy issues. 
  • Extensive knowledge of legal services pricing, alternative fee arrangements, knowledge management, and legal project management. 
  • Experience in a pricing capacity, including profitability analysis and modeling experience. 
  • Ability to analyze financial data and prepare concise reports to assist management in making pricing-related decisions and making risk assessments. 
  • Ability to lead and manage the application of systems and technology to the processes involved in critical pricing and project management activities. 
  • Experience and technical skills in working with large data sets, and the tools used to mine and manipulate them for analysis and presentation. 
  • Outstanding organizational, planning, project management and meeting facilitation skills required, including recordkeeping, data collection, organizing and tracking of performance to budget. 
  • Outstanding communication skills, including ability to furnish concise, detailed information in report format, written correspondence, email, and verbally. 
  • Exhibit high degree of initiative, critical thinking skills, and the ability to exercise independent judgment and make decisions. 
  • Ability to collaborate with creativity and vision. 
  • Proactive with demonstrated troubleshooting, problem resolution, and follow-through skills in order to manage multiple and diverse projects simultaneously in a fast-paced, detail-oriented work environment. 
  • Demonstrated leadership abilities to provide guidance, motivation and vision to team members and across the firm.

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