publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
As with other first-generation pricing directors, I was learning on the go and improvising solutions; there were few available resources or established programs to draw upon then, and the initial mandate for this new function was broadly sketched. Since then, of course, many firms have established pricing and project management functions, and there are now any number of resources on which to draw for insight and support, both formal and informal. The opportunities to share experiences with peers at other firms have been invaluable, as they have helped me shape and validate my views on what would constitute an effective program. Not surprisingly, most firms grapple with the same core issues, although some areas receive more or less focus than others depending upon a firm's culture, strategy, market position and the relative sophistication of its administrative functions. GUIDING PRINCIPLES Given the variations among firms, the precise form of a pricing and legal project management program can — and will — vary widely from firm to firm. But previous experience has taught me that whatever its form, there are three basic principles to consider throughout the development and deployment of a pricing and legal project management program. 1. It is a marathon, not a sprint. The development and implementation of a comprehensive and effective program is a multiphase, multi- year undertaking. A pricing and legal project management program is in fact a series of projects with a common, overarching objective: Change the way lawyers price their work and manage the delivery of their services. Continuing the race metaphor, the effort might be less a marathon and more an extended relay, where the baton is being continually passed along for the next leg of the race. 2. This development and implementation is a multidisciplinary effort. Irrespective of where a pricing and legal project management function sits within an organization (e.g., accounting or finance, marketing or business development or even on its own), it must connect with and draw upon resources and expertise from across the firm, including management, lawyers and practice groups, accounting and finance, technology, marketing and business development, and professional development. In other words, Mr. or Ms. Pricing Director is not going to be able to succeed in any such undertaking working alone. 3. Integrating such a pricing and legal project management program into the daily workings of a firm is essentially a change management effort. Consider how working lawyers will feel about the impact of change on their day-to- day lawyering. The impact of new processes and tools should be actively managed and stakeholders and management actively engaged throughout all aspects of the program. Change management activities can take on a variety of flavors based largely on a firm's culture and management structure. For example, it can be useful to identify champions and take advantage of their influence to promote early successes. Of these three principles, the last might be the most critical. "Big law" is notoriously averse to change, and the one-time prevalence of plentiful demand and rising profits, primarily from meaty annual hourly rate increases, did not foster an environment out of which responsive and fast-changing organizations were likely to emerge. This is not intended as a criticism but rather an important factor in guiding the growth, evolution and acceptance of a pricing and project management program. ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 6 DEVELOPING A PRICING AND LEGAL PROJECT MANAGEMENT PROGRAM