Legal services: It’s time to be transparent about pricing | City A.M.

Clients’ dissatisfaction around pricing is reaching a crisis point. Increasingly, law firms are responding by going back to the drawing board and reworking their pricing models.

Firms with their eye on the future are dispensing with timesheets – too long the bane of our industry. Without timesheets, law firms should adopt an approach to pricing that is the result of thorough scoping before work begins.

The lawyer should outline exactly what work they will be undertaking and how they have reached the fee they are proposing.

Once a fee is agreed, firms must then resist the urge to increase the fee if work takes longer than anticipated. Setting fees is not an exact science, but a lawyer’s fee should be proportionate to the value that they are adding to the client’s business.

Since we launched our firm in 2010, we’ve seen more and more businesses adopt this approach in the UK, with clients saving up to 40 per cent in legal fees.

Our clients appreciate that we share the risk, and that we are completely transparent about what our advice will cost.

Best of all, liberating our lawyers from timesheets means they are free to focus on quality of service and the job at hand – which is the real reason most lawyers go into law in the first place.

The argument for a clear, accountable pricing model is indisputable. Firms that don’t take measures to adopt transparent pricing will lose out.

Read complete article here:

Legal services: It’s time to be transparent about pricing | City A.M..