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Is This The Future For Law Firms?
By JLP | October 25, 2006
Here’s an interesting article I found over on the Fortune Small Business website about how a law firm moved a bulk of its business to flat fees from hourly fees. They did so because they figured out that their clients preferred knowing how much they were going to have to pay rather than the uncertainty of hourly fees.
The law firm featured in the article said that they still charge by the hour for complex cases. In any case, I like the idea of flat fees.
Topics: Miscellaneous | 1 Comment »
October 25th, 2006 at 11:48 am
As a future lawyer, I like this idea as well. The funny thing is that law firms used to charge by the project (I believe). However, they had analysts come in and determine that lawyers would make more money if they charged by the hour. I guess with increased access to professional document services, more readily available help on the internet, etc, lawyers are finding it better to go back to flat fees. Don’t we all like predictability?