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Over the past 12 months, I have written several articles on how I thought Legal Pricing and Client Value would look this year from a staffing perspective.
So far my predictions have been pretty accurate: Lots of vacancies, not enough talent to fulfil the opportunities and increasing base salaries.
It’s certainly been a busy year and I certainly don’t see things quietening down anytime soon.
Last December I spoke about the need to dive deep into the market to unearth that hidden talent. Too many recruiters skim the service to ensure a quick fill and it could be argued don’t ‘earn’ their fee by doing so.
One thing is for sure, my clients are not budging on their need for top-quality talent, they won’t accept second best just to put a ‘bum on a seat’. Whilst I still believe there has to be some flexibility in hiring requirements, Firms should allow recruiters the time to conduct deep-dive searches to find those passive candidates.
However, it has now become abundantly clear that there are too many vacancies across the US within Legal Client Value to continue to only hire staff with Law Firm experience. It’s imperative in my view that HR, Talent and Chief Value Officers get together and agree a way of allowing exceptional Pricing talent without legal experience through the door. I’m delighted to say there have been a handful of success stories where leading firms have taken Senior Pricing Managers from outside the industry with great success. It is in my humble opinion that the technical aspects of pricing are fairly uniform, surely if someone is talented enough then they will be able to pick up the nuances of Law fairly quickly – to discuss!
So how do the next 12 months look? I have no doubt it will be more of the same, if not with even more intensity. As the effects of covid continue to wear off and global economies continue to recover then I can only see more need to hire across the top 200 firms.
I believe that leading firms will continue to drive their Pricing initiatives further to ensure continued profit maximisation whilst ensuring client value and exceptional customer service. Thus, I expect to see lots of continued staff movement with tenures remaining at the average of about 2 years. As Pricing Analysts and Senior Pricing Analysts continue to improve their skill sets under the tutelage of talented Directors, they are undoubtedly going to look for their next steps. As firms grow their teams, more opportunities will arise for these candidates to improve their stature and remuneration.
So, exciting and busy times ahead, and I haven’t even re-touched on the ever-increasing need for Firms to embrace technology and innovation.
The Legal Client Value industry is well networked, and I appreciate a lot of hires come directly, but for those tough searches or bespoke roles that need to be filled please get in touch with Boston Hale. Our comprehensive network, market knowledge and insight will provide you with that extra choice when it comes to ensuring you hire the best talent available.
If you would like to book an appointment with me to discuss any of these points further, benchmark salaries or discuss any requirements please feel free to book a time in my diary‹ Back