Lex Mundi makes unique strategic investment in pricing skills across its global legal network – Validatum to lead delivery of “business-critical” pricing skills training for senior lawyers
A survey of the world’s leading network of independent law firms, Lex Mundi, placing pricing at the top end of the list of critical skills for law firms to develop in the coming years, has prompted the network to team up with Validatum, one of the world’s leading legal services pricing consultancies to address the issue.
The survey of Lex Mundi’s 160 member firms has helped highlight the critical role pricing has to play in maintaining competitiveness in the modern legal market. As a result, the network has turned to Richard Burcher, Validatum Managing Director, together with specialists from member law firms and Chris Bull, Kingsmead Square, to deliver two major two-day pricing skills conferences for member firms during 2017 – one in London covering the European region and one in Toronto covering the Americas.
Richard will also deliver a presentation to Lex Mundi’s annual managing partners’ conference in New York in June. Subsequently, Richard Burcher will be listed as one of Lex Mundi’s preferred providers for legal services pricing consultancy. Lex Mundi’s preferred providers are recognized as external consultants with exceptional experience and reputation in their fields who offer their services to Lex Mundi member firms.
Suzanne Fine, Lex Mundi Director of Professional Development, said:
“Pricing is proving to be central to competitiveness in the global legal market. Our member law firms are the top independent firms in their jurisdictions and Lex Mundi’s Professional Development department aims to equip them with relevant and timely skills to remain competitive and offer the best and efficient service to their clients. Our work in the area of pricing will be critical to keeping our member firms ahead of the game.”
Richard Burcher, Validatum Managing Director, said:
“The legal market has seen a client-driven revolution in pricing in the years since the financial crisis. Clients are demanding pricing that better aligns the clients’ and the firms’ interest. This involves a move away from dependence on hourly billing, towards greater transparency, certainty, risk-sharing and value. The most successful and competitive law firms are the ones that are capable of profitably delivering on these new demands.
It is not only a defensive strategy but it is also becoming central to business development. Legal networks have many advantages, but pitching multiple firms to one client adds complexity to the challenge of delivering effective and competitive pricing solutions. Lex Mundi is stealing a march on their competitors by investing in developing these strategically critical pricing skills across their network.”
· Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Lex Mundi member firms offer clients preferred access to more than 21,000 lawyers worldwide-a global resource of unmatched breadth and depth. Each member firm is selected on the basis of its leadership in-and continued commitment to – its local market. The Lex Mundi principle is one independent firm for each jurisdiction. Firms must maintain their level of excellence to retain membership within Lex Mundi.
· Validatum® is the leading international legal services pricing consultancy, responsible for shaping the practice of legal services pricing around the globe. Founded in 2008, the company helps law firms and barristers establish intelligent and sophisticated pricing practices. These practices help to counteract the commercial pressures caused by regulatory changes, more diverse delivery models, better-informed consumers, the accessibility of web-based information and resources and the increasing application of disruptive technology.