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As pressure on pricing continues, Big Law firms are buying (or building) analytics technology and hiring pricing specialists ' people who use market data, internal firm data and economics/pricing experience to ensure that firms are smart about bidding on work. The mission: Educate clients about the value the firm brings, while making sure to charge enough to make a profit.
Several trends are fueling the growth of both technology and the new job titles.
First, the ongoing pressure on billing rates and the move to alternative fee arrangements have made it difficult for firms to know whether they are making a profit on any particular deal.
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