Fixed pricing for legal services 1 Stanislav Roth.

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Presentation transcript:

Fixed pricing for legal services 1 Stanislav Roth

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

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

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) 4

5 Golden rules for fixed pricing 1.Start with placing yourself in client’s place – what would I be happy to pay for the service? 2.Consider other factors – size of client, value of project, urgency, competition, opportunity for repeat business, time the work may take 3.Come up with the price based on 1 and 2 4.Consider whether the price in point 3 works for you (cost, profit) 5.Run your price by a trusted colleague and/or consult your instinct. 5

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