Pricing for profitability: Moving the needle on the pricing maturity model
The discipline of pricing is ever-growing – an integral component of the business of law that can materially impact law firms — especially if used proactively. Importantly, pricing data can offer firm leaders a window into matter, client, and overall firm profitability. So why are lawyers still often reactive when it comes to pricing?
As firms initiate or grow an integrated pricing function, firms may be missing out on the strategic benefits of pricing and the underlying data it can offer, and the impact of implementing the right pricing technology can provide; namely, more flexibility and accuracy to pricing teams, more insight and management to lawyers and partners, and more transparency to clients. And moreover, how the advent of a pricing and LPM discipline can help define, advance, and socialize profit methodology and rigor across the firm.
Forward-thinking firms have found that adding a modern technology to the mix — smart integrated solutions that include AI/ML, predictive modeling, and other data-science tools — can result in meaningful benefits for their people, profits, process, and data.
Watch the webinar recording with Jill Nelson, Senior Director of OnePlace Operations & Finance from Intapp and special guest Toby Brown, Chief Practice Management Officer from Perkins Coie for a discussion about where profitability, technology, and function converge to help pricing and legal practice management teams to provide firmwide scale, increase profitability, improve operations, and effectively harness data and information.
• Learn how to embark on this modernization journey as we share our experiences; approaches, challenges, and goals.
• Learn how the technology can help your firm advance its pricing capabilities and improve engagement profitability.
• Discover how data is foundational to an empowered pricing practice, and can be leveraged to create benefits across the client lifecycle.