For the third year in a row, ALM Legal Intelligence has investigated the pricing activities of law firms (mostly BigLaw). Like last year, the focus is again on pricing professionals. This year’s report, Pricing Officers: Some Firms Still Want to Make the Jump (May 2015), picks up where the 2014 survey left off, focusing on law firm pricing professionals.
Highlights. Of the report’s 15 main findings, ten (67%) highlight the people behind law firm pricing. Here are five:
- 98% of law firms reported hiring a pricing professional because of alternative fee arrangements (AFAs), followed by cost pressure from clients (77%)
- 82% of law firms with more than 1,000 attorneys reported having at least one dedicated pricing professional, 77% of law firms with more than 500 attorneys, and 39% with fewer than 500 attorneys.
- 69% of law firms reported that pricing professionals improved firm profitability
- 52% of law firms reported having at least one dedicated pricing professional (significantly higher than last year’s 38%)
- 53% of law firms anticipate growing their pricing teams
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