AGENDA

9:50 AM CT / 10:50 AM ET

Chairperson's Welcome

Mark Medice

Principal

LawVision 

10:00 AM CT / 11:00 AM ET

Section One / OPENING DISCUSSION

State of Law Firm Pricing, including the Economic Cycle, Industry Stress Points, Pricing Fatigue, and Change 

In the dynamic world of law firm management, rate management and pricing stand out as critical yet complex elements, closely intertwined with broader economic patterns and market behaviors. They involve strategic, operational, and cultural components that, when aligned, foster clear and deliberate pricing decisions. 

This session delves into the current landscape of law firm pricing, highlighting the predominant challenges that law firms encounter as they adapt to continuous shifts in pricing dynamics. We will provide insights into the drivers of rate adjustments in the legal sector, the pressures these changes exert on law firms, their partners, and clients, and the strategies to navigate these waters successfully. 

• Economic Cycles in Legal Pricing: Understanding the cyclical nature of pricing in the legal industry. 
• Pricing Stress Points and Industry Fatigue: Identifying pricing fatigue areas and mitigation strategies. 
• Collaborative Pricing Approaches: Exploring the potential for enhancing firm-client relationships through joint pricing strategies. 
• Behavioral Dynamics of Pricing: Examining the role of behavioral factors in pricing execution, including the use of pricing coaches and playbooks. 
• Articulating Value: Communicating value provided to clients with a structured approach. 
• Looking Ahead: Predicting future trends in law firm pricing strategies. 

Patrick Fuller

Chief Strategist, Legal

ALM

Mark Medice

Principal

LawVision 

10:45 AM CT / 11:45 AM ET

Break

11:00 AM CT / 12:00 PM ET

SECTION TWO / PANEL DISCUSSION

Your Pricing Ecosystem:

Setting Up the Needed Pricing Structure to Match Your Culture, Strategy and Your Desired ROI 

This panel will explore strategies for building vital pricing ecosystems that boost pricing performance with client satisfaction while advancing strategic objectives. Topics include aligning pricing with value, deepening client relationships, uncovering value opportunities, enhancing processes and platforms, and fostering a supportive organizational culture.  The panel will also examine the critical components of a cohesive pricing execution, such as team roles, workflows, metrics, and tools. 

• Components of the Pricing Ecosystem: Explore the essential elements of the pricing ecosystem, which includes the continuous integration of pricing processes with key workflows. This alignment ensures that rates and pricing structures are consistently adjusted to reflect fair value. Key components encompass governance, established policies, management oversight, efficient workflows, and comprehensive tracking and reporting mechanisms. 
• Strategies for Team Empowerment: Discuss methods to enhance team collaboration across disciplines and empower personnel to contribute to pricing decisions effectively. 
• Cultural Impacts on Pricing: Explore how firm culture influences pricing strategies and the benefits of fostering innovation and client-focused approaches. 
• Navigating Market Dynamics: Review challenges posed by technological advancements, competitive pressures, and evolving client expectations and how they drive the need for advanced analytics. 
• Knowledge Sharing and Documenting Best Practices: Consider common hurdles in pricing discussions and the creation of environments that promote knowledge sharing and continuous improvement in pricing strategies. 

MODERATOR

Mark Medice 

Principal 

LawVision 

PANEL

Ann Rainhart 

Chief Operating Officer 

Fredrikson & Byron P.A. 

Peter Secor
Senior Pricing Manager

Ropes & Gray LLP

Adam Barvels

Director, Pricing & Legal Project Management

Wilson Sonsini Goodrich & Rosati

Jim Shoemaker

Chief Legal Operations Officer

Miles & Stockbridge P.C.

11:45 AM CT / 12:45 PM ET

Break

1:00 PM CT / 2:00 PM ET

SECTION FOUR / PANEL DISCUSSION

Pricing Innovation:

Futures, Innovation, AI, and the Art of the Possible 

In this era of technological advancement, the landscape of law firm pricing strategies is being significantly reshaped. The introduction of artificial intelligence (AI) and enhanced data analytics promises to drive a new era of efficiency and innovation in pricing models. But the question is how fast and how far we should go. 

This panel discussion will explore key aspects of this transformation: 

• Innovative Pricing Through AI. Examining how AI can spur a productivity revolution with new pricing models that offer enhanced precision in cost understanding and the implementation of alternative fee arrangements (AFAs). 
• Market Adaptation to Technological Shifts. Discussing the variability in adoption rates of new pricing models among law firms, influenced by firm size, available resources, and readiness to innovate. 
• Predictive Analytics and Decision Automation. Exploring the impact of integrating advanced analytics into pricing strategies, which could revolutionize matter management and client service delivery. 
• Reassessing Traditional Billing Models. Critically evaluating whether current billing methods meet modern demands or require reinvention to align more closely with value delivery and outcome-based incentives. 
• Future of Legal Pricing. Exploring how pricing strategies could act as catalysts for broader adoption of AI in legal services and discussing prospective shifts in value measurement. 

Through this session, attendees will gain critical insights into leveraging new technologies to refine their approach to law firm pricing, ensuring their practices are aligned with contemporary market demands and client expectations. 

MODERATOR

Mark Medice 

Principal 

LawVision

PANEL

Keith Maziarek
Director of Pricing and Legal Project Management
Katten Muchin Rosenman LLP

Purvi Sanghvi

Managing Director, Client Management

Paul Hastings

Joseph Rejano

Vice President of Innovation and AI

Diversity Lab

1:45 PM CT / 2:45 PM ET

Closing Remarks

Mark Medice

Principal

LawVision 

12:00 PM CT / 1:00 PM ET

SECTION THREE / FIRESIDE CHAT

Stop Worrying About AI and Start Worrying About Your Data:

How Firm Data is Connected to Firm Strategy 

While AI captures most headlines, the real engine of transformation is the strategic utilization of firm data. As legal firms, we must recognize data as a paramount strategic asset and a potential liability, poised to sculpt our strategic directions and enhance operational efficiencies. 

In this conversational "fireside chat," with Tom Baldwin (Founder & CEO at Entegrata) we will explore: 

• Smart Pricing Enabled by Data: By analyzing historical billing data and forecasting pricing trends, data-driven insights enable law firms to address complex pricing challenges with adeptness and agility, boosting market competitiveness and success. 
• Understanding Data Architecture: For executives, this means enabling effective data management, analysis, and utilization to support decision-making processes within the firm. 
• Cultivating a Data-Centric Culture: Emphasizing data as a strategic asset, utilized to guide pricing decisions, strengthen client relations, and increase operational efficiency. 
• Data Integration Techniques: Discussing methods for collecting, aggregating, and integrating data from diverse internal systems such as financial software, practice management tools, CRM platforms, and external market data, to enhance firm-wide data synergy. 
• Advanced Data Analysis: Delving into predictive analytics, machine learning, and data visualization to identify pricing patterns, forecast client behaviors, and optimize pricing strategies for enhanced profitability and client value. 
• Strategic Data Initiatives: Identifying top-tier priorities that data can influence, linking data projects directly to specific business objectives. 
• Overcoming Data Strategy Challenges: Addressing the paralysis often accompanying data strategy efforts and exploring effective strategies to navigate these impediments. 

By prioritizing data as a strategic asset and adopting a data-driven decision-making culture, law firms can leverage firm data to enhance AI and tech applications and spearhead pricing innovations and strategic growth. 

Tom Baldwin 

Founder & CEO 

Entegrata 

Mark Medice 

Principal 

LawVision 

12:45 PM CT / 1:45 PM ET

Break