Strategic Pricing Analyst
Job Description
REQUIREMENTS
- An undergraduate degree required, preferably with a focus on finance, economics, accounting, business, or related field.
- Minimum of two years in a finance and/or operations environment. Previous experience in a large law firm strongly preferred.
- Previous experience with law firm billing systems and financial reporting is preferred.
- Demonstrated success establishing, developing, and managing financial and operational initiatives in a national, multi-office environment.
- Proficiency in Microsoft Office applications, including Word, Outlook, PowerPoint, and Excel, and ability to independently produce quality communications and presentations.
- Knowledge of Aderant software is preferred.
RESPONSIBILITIES
- Develop, implement, and maintain competitive pricing models, templates, and fee structures across all the Firm’s practice areas.
- Identify opportunities to increase profitability through improved pricing strategies and options.
- Create pricing tools and frameworks that provide flexibility to meet varying client needs.
- Work closely with partners and other key stakeholders to create bespoke pricing solutions for clients, including alternative fee arrangements (AFAs), hourly rates, fixed fees, and success-based pricing models.
- Gather, review, and evaluate historical data to understand how various pricing options perform and to build out more accurate models and templates.
- Provide insights and guidance on various fee arrangements that reflect value-based pricing aligned with client budgets and expectations.
- Monitor the fiscal health and conduct detailed profitability analyses on matters and client portfolios to ensure pricing and billing rates align with the Firm’s goals.
- Collaborate with the Legal Project Management team to incorporate pricing elements into holistic solutions for client engagements.
- Develop and evaluate pricing options and conduct margin analyses for both new client opportunities/proposals and pricing renewals and negotiations with existing clients.
- Communicate financial information to non-financial personnel effectively and translate that information into clear and concise action plans for improved profitability.
- Prepare reports and deliver presentations on pricing performance and recommended improvements.
- Monitor the health of AFA engagements and incorporate any lessons learned into future templates and approaches.
- Analyze industry trends and market data to identify competitive pricing benchmarks and innovations.
- Monitor other firms’ pricing strategies and rates and make recommendations for appropriate adjustments.
- Assist with the ongoing implementation, setting, and review of timekeeper billing rates across various markets and recommend appropriate rate adjustments.
- Support pricing and fee negotiations with clients, and work with key stakeholders, including client relationship partners, on the need to engage with clients and update rates.
- Ensure pricing strategies comply with legal, ethical, and regulatory standards, as well as client contracts and billing guidelines.
- Perform other projects and tasks as assigned.
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