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
