JPMorgan Chase Legal Dept Outside Counsel Strategic Pricing Lead - VP in Chicago, Illinois
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.
The Legal Department of JPMorgan Chase & Co with approximately 2000 employees worldwide is responsible for the provision of legal services to the firm. The department also includes the Office of the Secretary.
Legal’s Office of the General Counsel (OGC) supports the Legal department’s delivery of legal services. It sets the standards for the departments’s centralized processes and controls, delivers tools the department uses to work efficiently and effectively, and drives the department’s change agenda with data, technology, innovation, legal knowledge and a client-centric approach. Within the OGC, the Legal Relationships and Skills Team oversees committees, department communication, learning and development and professional responsibility. The team also cultivates and maintain Legal’s external relationships, including strategic engagement with our outside counsel partners.
Job Description Summary
As a member of the Outside Counsel Engagement team, The Strategic Pricing Lead is responsible for the law firm pricing function within the Legal department at JPMorgan Chase & Co. The focus of this role is to deliver pricing strategy and development on a global basis. The Strategic Pricing Lead is responsible for developing the strategic pricing capability, plan and execution for the Legal department by continually reviewing and developing the department’s pricing approaches to ensure that they are in line with market best practice with the aim of maximizing cost control. The Strategic Pricing Lead is a key influencer for the Legal department, creating a greater awareness of the effect of pricing and contributing to the cost control efforts of the Legal function on a firmwide basis.
The Strategic Pricing Lead will have the following responsibilities:
Design and lead the global cost control and pricing strategy for Legal department and provide targeted pricing support to in-house counsel including pricing negotiations, alternative fee arrangements, requests for proposal, budgets, reverse auctions, panels, staffing measures and behavior changes including designing appropriate tools and processes, policies and procedures and training regarding the same.
Support in-house counsel with their decision-making on all aspects of pricing
Represent the Legal department in face-to-face pricing negotiations with law firms
Undertake financial modelling and scenario analysis to support pricing decisions and improve pricing analytics capabilities to better understand and predict costs legal services
Identify areas in Legal for new alternative pricing opportunities
Act as a trusted adviser to the Legal department on pricing issues , including support on significant RFPs and pricing negotiations for large cost matters
Work with in-house counsel and senior management to create and implement Line of Business /practice area /region specific pricing strategies
Help design and support law firm panels aligned to areas of legal practices
Advise senior management on optimal standard rate increase positions to support law firm rate increase requests
Build relationships with pricing contacts within law firms and the broader external market
Influence and guide in-house counsel and business managers with pricing negotiations through the provision of concise supporting data, recommendations and advice on negotiation strategy
Provide recognized internal pricing expertise and a point of reference for those in need of pricing support
Review performance of existing pricing agreements to identify opportunities for enhancing current and future performance
Partner with finance, technology and data teams to develop metrics and reporting tools to clearly illustrate trends and analysis of pricing performance
Maintain pricing knowledge and regularly monitor industry pricing practices, particularly for major competitors
Assess key trends and develop pricing models for legal services and monitor cost savings and implementation of those models
Develop and maintain a depository of pricing best practices (tools, assets)
Provide content for training materials to offices and practice groups that helps enable in-house counsel to become more skilled at estimating the scope of their matters, the time required to complete a matter, and the staffing needed
Mentor and develop junior pricing team members as required
Bachelor’s degree in Finance, or business-related field or equivalent experience
Demonstrated experience in a similar role at either a financial services company or in a Legal environment
Significant experience in a pricing / negotiation / procurement environment
Collaborative pricing experience and a full understanding of law firm realization drivers
Understanding of project estimation and management approaches, tools and phases of the project lifecycle
Proven analytic and decision-making abilities
Excellent ability to collaborate, communicate, exercise judgment and present key pricing strategies and concepts to senior stakeholders
Experience and knowledge in sourcing and negotiation topics, business process outsourcing and supplier relationship management
Substantial experience in pricing strategy, structures and analytics, including development of Excel based pricing models
Thoughtful and innovative approach with an ability to influence senior management and achieve wide scale engagement in new pricing initiatives.
Exceptional project management skills with meticulous attention to detail, timing, deadlines and organization
High degree of flexibility and creativity
Must be proactive- including escalating issues and proposing solutions
Ownership of quality product and product delivery
Ability to work independently and on a fast-paced collaborative team
Ability to manage multiple priorities and responsibilities
Driven, enthusiastic and positive “can-do” attitude
JPMorgan Chase is an equal opportunity and affirmative action employer Disability/Veteran.