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A recent survey of law firms suggest that somewhere in the neighborhood of 80 law firms employ a “Pricing Specialist” of some sort. The report states that “the use of pricing specialists remains relatively rare in all but the largest firms.” Of course this report caught my eye since it also notes “that increasing management control over pricing decisions lead to positive pricing outcomes.” This means pricing people have a growing and increasingly valuable role within law firms.
But I digress … the first point is the real subject of this post. A group of pricing people, or more broadly Alternative Fee Arrangement (AFA) and Legal Project Management (LPM) people, has come together to form a community. We are doing this under the umbrella of ILTA. In one month’s time our group grew by 70%, which I thought was fantastic. Then I saw the survey report numbers and realized we have a ways to go to fully capture this community.
So … if you are a pricing specialist or have an AFA or LPM role at a firm or your role covers one of those functions in some fashion, please shoot me a note. I will add your name (and your firm) to the list.
The goals for our group include developing best practices and creating professional development opportunities for people in these new, emerging roles. We see the need to advance our emerging profession and look forward to expanding this group and accelerating our positive influence on the legal profession.