The Director of Pricing will lead and manage the firm’s pricing activities and initiatives. These responsibilities will include interfacing with all relevant stakeholders and functions, setting billing rates, devising creative alternative fee arrangements, control regimes related thereto, reporting capabilities, systems and tools in support thereof, and strategies for leveraging pricing to the betterment of the Firm. The Director of Pricing will lead a team of dedicated analysts in support of all these activities.
Serve as the firm’s lead person for all pricing related matters. Provide coaching, advice, and support to partners, advancing pricing as a strategic tool to build and enhance client relationships.
Shepherd the approval process for pricing requests, based on internal guidelines and best practices.
Organize and lead a team of analysts in support of partners, the legal project management team, the pricing committee, and all systems, files, and processes related thereto.
Lead and manage the enhancement of tools and processes in support of creative pricing strategies, focused on balancing risk/reward with the client to create win/win incentives.
Develop, with the support of pricing analysts, economic models to assess the profitability of new business proposals and assist in the development of creative, workable pricing solutions in response to client pricing demands, including alternative fee arrangements.
Work with attorneys, practice groups, marketing personnel and financial management to draft the financial and pricing responses to client RFP submissions.
Lead various projects in relation to client profitability and pricing initiatives and responding to attorney’s ad-hoc requests for client pricing support.
Lead and manage the design and implementation of reporting methodologies to track performance against the budget for individual engagements, as well as on a total portfolio basis.
Lead the process for setting billing rates, including the development of a nuanced and bespoke approach to billing rates (including cross-border rates).
Develop reliable external benchmarks for assessing pricing arrangements and billings rates.
Lead the development of robust processes and systems to capture pricing performance, experience, and lessons learned in a centralized database to fully inform current engagements and future proposals.
Provide and develop pricing-related training to partners and associates.
Hire, train, and develop team members.
Set direction and mobilize a department to meet common, clearly defined goals; use knowledge of employees' strengths and weaknesses to provide appropriate mix of autonomy and control to achieve strong results while also allowing for development of skills
Work effectively with direct reports to provide guidance/coaching through real-time feedback during the course of day-to-day interactions as well as assist with longer term career aspirations; complete review process in a thoughtful and timely manner; ensure development plans are in place to monitor staff make appropriate progress against stated developmental goals; monitor difficult performance situations and works with Chief to take appropriate action.
Provide challenging "stretch" assignments to those who are ready and also devote appropriate time to individuals who need help in reaching their potential; complete review process in a thoughtful and timely manner; develops and monitors detailed development plans to ensure staff make appropriate progress against stated developmental goals.
- Strong track record of supporting and coaching decision makers and client-facing professionals (such as partners in a professional services firm) on pricing strategy issues.
- Working knowledge of legal services pricing, alternative fee arrangements, and costing of services.
- Ability to analyze financial data and prepare concise reports to assist management in making pricing-related decisions and making risk assessments.
- Excellent communication skills, confident presence, and nuanced interaction capabilities that allow for direct engagement with the firm’s most senior partners, as well as staff leaders of such functions as legal project management, finance, IT, and strategy.
- Ability to thrive in a fast-paced environment, manage multiple priorities, and complete tasks with tight timetables.
- Prior experience in managing a team of analysts, preferably in the pricing space.
- Minimum of 7 years experience in finance-related disciplines, including analytics in a law firm or other professional service industry.
- Working knowledge and facility with large data sets, and the tools in support thereof.
- Advanced professional degree such as MBA is required.
Normal office environment. Incumbent is expected to work the hours necessary to fulfill the responsibilities of the position.
The above is intended to describe the general content of and requirements for the performance of this job. It is not to be construed as an exhaustive statement of essential functions, responsibilities or requirements.
For consideration, please include a cover letter with your application. Thank you.
Ropes & Gray - 20 months ago