- Manage the pricing and rates team, including the preparation of the annual performance review, overseeing and reviewing work performed and continuous training and mentoring.
- Supports Attorneys, CFO and Practice Group Directors with pricing, matter estimates, matter profitability and post-matters analysis.
- Develops pricing solutions for the firm's practice groups in conjunction with market trends and profitability goals.
- Performs detailed financial analysis and creates pricing scenarios in support of the development of pricing alternatives in response to client requests and RFP's.
- Provides consultation regarding rates and AFA's to determine best practices to achieve desired pricing results and consistency with the firm's philosophy and policies.
- Pro-actively looks at the impact of historic data on future outcomes.
- Identifies financial trends and AFA best practices and recommends improvements accordingly.
- Establishes key performance indicators (KPIs) to measure the success of pricing strategies.
- Collaborate with legal teams to develop and manage matter budgets. Monitor billable hours and provide regular updates on budget status.
- Develops and documents processes relating to pricing.
- Identifies areas for automation of pricing processes.
- Oversees the development and administration of pricing tools.
- Lead the implementation of systems, queries, tables, databases and new forms for rate and other pricing related processes, coordinating with IT for set-up and support.
- Collaborate with the firm's Billing Rate Committee and financial services team to lead the annual timekeeper rate review process, including database maintenance, survey review and analysis, and preparation of reports/presentations, as needed.
- Lead the annual client rate review process, including communicating with billing attorneys to identify clients and matters that require advance notice for annual rate increases and/or e-billing requirements for rate approvals or other special requirements, and working closely with the billing team to ensure all are updated without delays in billing.
- Ensure the accuracy of timekeeper and client pricing in the Firm's financial system, including timekeeper, client, and matter level rates as well as AFAs; includes verifying pricing requests and required approvals as well as communicating changes to billing coordinators and others.
- Monitor timekeepers based on changes in practice group, office or rank and verifies and implements related rate changes.
- Performs other duties as assigned.
- Job is performed in a typical office environment, but is subject to time pressures and constraints, and is often dependent on input from others.
- Occasional overtime may be required.
- Bachelor's degree, preferably in finance, accounting or a related field.
- Five years' experience in a law firm handling pricing, including pricing strategies, analysis, and profitability.
- Experience with Aderant or similar billing system; familiarity with law firm billing processes and pricing structure; knowledge of financial modeling and familiarity of profitability software preferred but not required (i.e. Redwood).
- Market knowledge of rates, becoming proficient in Peer Monitor, using other survey data, and generally keeping in tune with rate trends.
- Proficient use of PC and knowledge of MS Office, including expert knowledge of Excel.
- Ability to learn new software and database applications quickly.
- Must have excellent written and oral communication skills and be able to prioritize and resolve problems in a timely manner.
- Must be able to gather and analyze information skillfully. Ability to provide excellent customer service and adapt to change effectively.
- Must be able to work effectively in a team environment under tight deadlines, and to work under pressure, maintaining composure in stressful situations.
- Manage time and multiple projects effectively.
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Pricing & Rates Manager - Washington, United States - Vinson and Elkins
Description
Position OverviewThis position is responsible for providing management of our pricing-related initiatives across the firm. The Pricing Manager is a crucial role in developing and implementing effective pricing strategies to maximize profitability and ensure competitiveness in the legal services market. This position requires a deep understanding of legal billing practices, market dynamics, and a strategic mindset to optimize revenue while maintaining client satisfaction. The Pricing Manager will oversee the implementation and administration of pricing tools, develop templates, maintain library of pricing content, as well as provide assistance to firm lawyers and staff with pricing analysis in connection with annual rate reviews and client proposals.
Primary Duties and Responsibilities
