Legal pricing is changing as a result of client pressures for efficiency on both hourly and non-hourly matters and the increasing use of alternative fee arrangements, and law firms are being forced to rethink their approach. This paper includes interviews with pricing leaders from a number of large firms that are working to better understand their costs, improve value creation, measure value, and apply project management techniques to control both cost and value. It ends with eight predictions, including a continuing increase in competition and that to succeed in the future law firms will be required to put more emphasis on both initial pricing and subsequent project management.