9 July 2020
Pricing professionals/pricing officers (“POs”) are a relatively new innovation in the legal industry, now being utilised in many large law firms around the world. Arising from the corporate context to take a more proactive approach to pricing than merely responding to market conditions, law firm pricing officers work between clients and the firm to define the scope of services needed, the value being provided and how to price accordingly, including whether alternative fee arrangements are appropriate. Internally, POs review past pricing data, contribute to detailed budget estimates, review realisation rates, monitor margins and calculate IRRs on contingency practices. Externally, they communicate directly with clients to help the firm capture and retain these clients while increasing profitability. In litigation practices, POs are increasingly being asked to discuss with clients and partners not only fee discounts, caps and contingencies, but the existence and availability of litigation funding.
You can read our whitepaper, Litigation Finance for Pricing Officers here.
For further information, please contact:
Steven Savage, WoodsFord Litigation Funding
ssavage@woodsfordlf.com