For law firms, profitability is not just a reporting outcome. It’s shaped by decisions made throughout a matter's lifecycle. As AI changes how legal work is delivered, firms face a challenge. How do they ensure pricing intent translates into realized profit and cash?

In this episode of Studio A, Will Ayers sits down with Richard Burcher, Founder of Virtual Pricing Director and VP of Pricing and Profitability at Aderant, to discuss why law firms do not have a pricing problem, but actually a pricing execution one.

Richard explains how profitability leaks across the lifecycle of legal work through write-offs, poor time recording, scope creep, and billing adjustments. He also shares why pricing must be managed as an ongoing process, not treated as a one-time event at the start of a matter.

The conversation also explores how work-to-cash connects pricing, execution, billing, and collection into a single discipline. 

Join Richard as he shares insights on margin discipline, value-based pricing, and why firms that professionalize pricing and profitability will be better positioned for the future.

Highlights:

• Pricing Execution: Why Law Firms Lose Profit After the Price Is Set
• Profitability Leakage: Understanding the “Waterfall Discounting” Effect
• Work to Cash Discipline: Connecting Pricing, Execution, Billing, and Cash Outcomes

Jump into the conversation:
(00:00) Introducing Richard Burcher
(00:36) Why Law Firms Distribute Cash, Not Revenue
(03:05) Where Profitability Leaks Inside Law Firms
(04:54) Why Write-Offs Have Become an Industry Expectation
(06:36) Pricing as an Event Versus Pricing as a Managed Process
(07:40) The Cultural Shift Required for Pricing Discipline
(09:20) Why Commercial and Financial Literacy Matters for Partners
(09:40) How Work to Cash Connects the Entire Matter Lifecycle
(12:46) From Retrospective Reporting to Real-Time Profitability Insights
(15:00) Why AI Is Transforming the Delivery Model of Legal Work
(17:07) The Growing Pressure on the Traditional Billable Hour
(18:20) Time Recording as a Management Tool Versus a Pricing Tool
(20:00) Why Value Pricing Will Become Increasingly Important
(22:40) Why Aderant Acquired Virtual Pricing Director
(25:04) What Will Separate Winning Law Firms in Five Years
(27:06) Where Managing Partners Should Start Improving Pricing Discipline