It has been years since the legal industry adopted the C-Suite framework–so common within its clients–for its business functions. It has been slow to invite the Pricing function into that club. The momentum shifted in 2018.
The Beginning: In 2010, Drinker Biddle created the legal profession’s first Chief Value Officer role. Although not truly a Chief Pricing Officer, the role incorporated the pricing function. Some firms will follow its lead, opting to use the “value” label in place of “pricing.”
The Milestone: In 2014, Greenberg Traurig promoted its Director of Revenue Management, Matthew Beekhuizen, to Chief Pricing Officer, becoming the first law firm to create the CPO position. Over the next four years, five law firms will hire a CPO.
The Inflection Point: In 2018, two law firms hired a Chief Pricing Officer and three law firms hire pricing-related Chiefs, the first time five C-suite leaders have been hired in the same year. Also, it is the first time two Chiefs have changed firms in the same year. And, it is the first time any law firm with less than 125 attorneys has hired a pricing professional.
|2010||Drinker Biddle||Chief Value Officer||Kristin Sudholz|
|2014||Greenberg Traurig||Chief Pricing Officer||Matthew Beekhuizer|
|2014||Akin Gump||Chief Practice Officer||Toby Brown|
|2015||Covington & Burling||Chief Strategic Pricing Officer||Hushman Cott, Esq.|
|2015||Steptoe & Johnson||Chief Strategic Pricing & LPM Officer, Chief Client Value Officer||Linda Novosel, Esq.|
|2015||Bryan Cave||Chief Practice Economics Officer||Chris Emerson|
|2016||Perkins Coie||Chief Practice Management Officer||Toby Brown*|
|2016||Simpson Thacher||Chief Pricing Officer||Eddie Raychaudhuri, Esq.|
|2016||Stinson Leonard Street||Chief Strategy & Pricing Officer||Doug Doerfler|
|2017||Robins Kaplan||Chief Strategy, Pricing & LPM Officer||Bree Johnson, Esq.|
|2018||Ballard Spahr||Chief Client Value Officer||Melissa Prince, Esq.|
|2018||Bergman Singerman||Chief Pricing & LPM Officer||Eddie Raychaudhuri, Esq.*|
|2018||Blank Rome||Chief Innovation & Value Officer||Linda Novosel, Esq.*|
|2018||Goulston & Storrs||Chief Value Officer||Christopher Ende, Esq.|
|2018||Pepper Hamilton||Chief Pricing Officer||Peter Secor|
|2018||Shearman & Sterling||Chief Knowledge & Client Value Officer||Meredith Williams-Range, Esq.|
*Change in firm or title.