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Fixed pricing for legal services

Fixed pricing for legal services. Stanislav Roth. Hourly rates. * Source: ACLA/CLANZ Legal Department Benchmarking Report 2010. Fixed fees. * Source: ACLA/CLANZ Legal Department Benchmarking Report 2010. Pricing for legal services today. Hourly rate still dominates

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Fixed pricing for legal services

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  1. Fixed pricing for legal services Stanislav Roth

  2. Hourly rates * Source: ACLA/CLANZ Legal Department Benchmarking Report 2010

  3. Fixed fees * Source: ACLA/CLANZ Legal Department Benchmarking Report 2010

  4. Pricing for legal services today • Hourly rate still dominates • Growing (but not sustained) pressure on law firms to offer alternatives • No major law firms have seriously committed to alternative pricing or changing their business model/mentality • Emergence of strong alternative models: • Fixed fee/retainer for any work • Placing senior lawyers at clients (in-sourcing) • Low cost/fixed price legal process outsourcing (LPO)

  5. 5 Golden rules for fixed pricing • Start with placing yourself in client’s place – what would I be happy to pay for the service? • Consider other factors – size of client, value of project, urgency, competition, opportunity for repeat business, time the work may take • Come up with the price based on 1 and 2 • Consider whether the price in point 3 works for you (cost, profit) • Run your price by a trusted colleague and/or consult your instinct.

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