Pricing is a huge focus in today’s legal industry – and not surprisingly. As legal pricing expert Stuart Dodds explains in this interview with Totum consultant Martyn Draper, a small improvement in pricing outcomes can make a big difference to the bottom line. But it is more than that too. When pricing is done well, it reflects the value of the work that is being delivered, which also means that it can be used to strengthen and deepen client relationships, leading to more sustained business growth. This is also why pricing roles in law have become increasingly strategic, with pricing fast moving up the executive agenda as law firm leadership teams realise the role pricing can play in terms of differentiation, customer service and longer term business success.

Overcoming pricing challenges 

This interview with Dodds also covers some of the challenges around implementing pricing successfully in law. In particular:

1. How do you find a great pricing specialist when there is such a small market of people in law who have done it before?
2. How are firms recruiting pricing specialists internally or, alternatively, from other sectors?
3. What needs to be in place to ensure these roles are successful?
4. And what skills/qualifications do candidates need to get the best pricing roles in law?

The pricing role in law has a buzz around it just now. But turning that hype into a successful reality demands careful thought and planning. Dodds explains the key factors for making pricing teams in law deliver tangible returns including the importance of executive sponsorship and the need for a sustained approach to implementing a long-term pricing programme. The pricing role in law is fast evolving. Click here, or on the image below, to see the interview in full and understand more about how firms are approaching the pricing function and what they need to think about for future success. For more information on pricing in law, as well as details on Totum’s recent in-depth pricing report, contact Martyn.Draper@TotumPartners.com