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Newly created Pricing Manager role available at UK law firm.Due to recent growth of the Firm and increased focus on pricing and profitability, they are looking for an ambitious and self-motivated Pricing Manager to embed and build this function within the firm.The Pricing Manager will be a key member of the finance department and will be focused on building a robust method for assessing profitability at a client, team and office level. They will also work closely with the Business management team to look at practice improvement initiatives focusing on the way work is delivered as well as supporting the Business Development team on pitches and RFP's.Key tasks will include:
- Develop a strong understanding of the Firm's departments, practice groups and clients to help execute strategic pricing initiatives and strategies.
- Assist in streamlining the annual rates setting process, including development of office specific rates and review all client specific rates.
- Work with partners to review profitability of their clients and suggest alternative resourcing models.
- Run profitability analysis to help Practice Group Heads and other senior stakeholders to fully evaluate fee proposals and make appropriate business decisions for the Firm.
- Communicate with the business to discuss pricing strategies, brainstorm creative fee proposals, facilitate effective rate management and implement, and optimise efficiencies.
- Contribute to the creation and automation of matter budgets and matter management initiatives in collaboration with the Working Capital team.
- Contribute to the development and implementation of new pricing services and tracking mechanisms to generate new business and manage the success of existing arrangements.
- Create strategic staffing solutions based on different alternative fee arrangements in partnership with other team members.
- Take ownership of client RFP and pricing requests and work closely with colleagues in Business Development to coordinate related decision making.
- Prepare robust models and templates to support analysis of a wide range of fee proposals utilising Firm financial metrics.
- Implement a process for post matter reviews.
- Review the unit cost model that drives the current profitability calculations. Ascertain whether there is there a more appropriate or simpler method for calculating cost rates.
This role requires someone very experienced in this space who can set up the pricing function and processes for the firm. This person will need to be able to work autonomously and come with ideas of best practice and be comfortable in a number one/ senior role.Applicants with a Law firm background or professioanl services will be preferred but they are open to broader sector experience. This is a brilliant opportunity for someone to build and make this function their own and they will have the support and backing of the senior leadership team to do it.
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