Big Law Life #4: Strategic Pricing That Works for Law Firms and Their Clients with Keith Maziarek
It's vital for legal professionals to comprehend the details of law firm economics and the impact they have on their success. In this episode of Big Law Life, I interview Keith Maziarek, Director of Pricing and Legal Project Management at Katten Muchin Rosenman, on how to maximize value for profitable service delivery.
Keith has over 22 years of business management experience within the legal service industry and serves as a board member and officer of the Legal Value Network, a member-driven industry group dedicated to reshaping the legal service delivery model.
Keith and I discuss the genesis of strategic pricing that stemmed from the financial crisis when clients demanded better discipline in outside counsel spend, and the journey from there to the business and metric-focused approach today in the law firm industry. Ongoing tracking, budgeting, and adjustments correlate directly with the economic health of law firms, reinforcing the significance of utilizing a data-driven approach.
A few takeaways …
Applying data analysis and strategic decision making, firms can efficiently align pricing strategies with client parameters and budget constraints. It's not just about defining billing rates, but also about being aware of the market dynamics, understanding client expectations, and delivering value to drive profitability. Legal professionals need to evolve beyond the traditional skill set taught in law school to succeed in today's challenging legal industry. Tools such as benchmarking prove invaluable to understanding market rates and ensuring fair compensation for expertise. By leveraging financial acumen and understanding the business side of law, legal professionals can negotiate from a position of strength, assuring both profitability and value delivery to the client.
Embrace a collaborative approach to pricing and project management in the legal industry for increased efficiency and client-centric solutions.
This episode at glance …
00:08:37 - Evolving Role of Pricing and Project Management 00:09:56 - Building Trust and Relationships 00:12:06 - Maturing Relationships through Pricing and Project Management 00:18:02 - Challenges in Navigating Pricing and Project Management 00:22:29 - Understanding Economic Value for the Client 00:23:58 - Shifting the Conversation on Pricing 00:24:12 - Client Billing Practices 00:24:29 - Negotiating discounts and business value 00:25:47 - Economic value and pricing 00:28:36 - Benchmarking and negotiation 00:32:37 - Setting billing rates and profitability 00:34:45 - Key advice for attorneys 00:36:15 - Legal Value Network Membership Benefits 00:37:18 - Internal Training and Leveraging Resources 00:39:34 - Learning Opportunities and Thought Leadership 00:41:13 - Simplifying Complex Metrics
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Ways to reach Keith Maziarek www.legalvaluenetwork.comLinkedIn: https://www.linkedin.com/company/legal-value-network/ LinkedIn: https://www.linkedin.com/in/keithmaziarek/
Ways to reach Laura Terrell