The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/480238
WWW.ILTANET.ORG 51 The key question is whether your firm intends to have someone who is a "change agent" or someone who is back- office support. A further consideration is the potential objective of the role. Is the role intended to: • Provide control and monitor compliance of agreed-upon pricing policies and procedures? • Ensure consistency in how the firm goes to market? • Influence a change in behavior? • All the above? Your firm must decide what's right for its continued success. Independent of where it sits within the law firm's organizational chart (which is often in finance or marketing), the role of the pricing professional acts in many respects as a facilitator or conduit to get things done and ensures integration across all business support functions. About the Author Stuart J T Dodds, Director of Global Pricing & Legal Project Management, is responsible for the development of Baker & McKenzie's global pricing and legal project management strategy and provides targeted pricing, negotiation and project management support to partners and client-facing colleagues across the firm's 77 offices worldwide. He also spent three years as the global head of pricing at Linklaters and 17 years as a management consultant. Stuart is one of only a handful of Certified Pricing Professionals (CPP) within the legal sector. Contact him at stuart.dodds@bakermckenzie.com. In 2012, while preparing to give a conference presentation on the rise of the pricing function, I spoke with several fellow ILTA colleagues to determine what key characteristics, skills and traits were required to be successful in such a role. We identified six: EXCELLENT COMMUNICATION AND STAKEHOLDER MANAGEMENT SKILLS Much of what those in pricing roles do is connect the dots within an organization as they seek to change behavior. This, above all else, was viewed as the key requirement. Integrity and credibility with partners, fellow business service team members and (potentially) clients was also deemed essential. Leaders in this area also require strong emotional intelligence, skills around change management and influencing, and the ability to present (and communicate) effectively. COMMERCIALITY This means the pricing professional considers the impact of any proposed pricing agreement on the current (or desired) commercial nature of that client relationship. This can also be extended to include (commercial) negotiation. STRONG ANALYTICAL SKILLS It's a given you need the ability to understand and direct any analysis. ENTREPRENEURSHIP Having a desire to improve how things are done and bettering the business are wonderful traits to possess in pricing. INTELLECTUAL CURIOSITY Look at what is done in the practice of law and in other professional service companies and industries. Encourage other people in pricing roles to do the same. COMFORT WITH TECHNOLOGY Technology is evolving at an extremely fast pace in this area, and success is dependent upon an awareness of and ability to pick up new tools and technologies. 1 2 3 4 5 6 One of the biggest challenges when trying to define a pricing role, and therefore the skills needed to successfully fulfill it, is the scope.