Digital White Papers

December 2013: Business and Financial Management

publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/231030

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CONDUIT… TOGETHER, WE CAN DO IT! CONDUIT ... Together, We CAN Do It! by Purvi Sanghvi of Paul Hastings LLP con·duit noun Someone or something that is used as a way of sending something (such as information or money) from one place or person to another — Merriam-Webster Dictionary "What do you do for law firms?" It's a question I get asked often. For the past few years, I started with the phrase "I'm a pricing specialist." I now add the words "and conduit" to the end of that phrase. Strategic pricing professionals have recently taken on this added function of "conduit" in many law firms. That role has evolved due to a number of factors. REASONS FOR THE NEW ROLE The recent recession shed a spotlight on the act of analyzing firm "rack" rates on an annual basis. We now put more emphasis on pricing as an ongoing activity as opposed to a subject that is discussed only once a year. Pricing cannot simply be a conversation about standard rates. In most firms, only a small percentage of business is billed at full standard rates. This fact has increased the need to manage other work that is being billed at a discount or through alternative fee arrangements. ILLUSTRATION © J. HOWARD MILLER

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