Reports on a new law form MJ Hudson that is offering an
alternative to hourly billing by following the investment bank model of a monthly retainer and a percentage of any successful transaction (although
Discusses payment schemes for media cases (privacy etc), employment tribunals (page 6).
FGF fees calculator showing how fees are compiled for family legal aid work undertaken by a barrister – variables include type of activity, function, category and level of advocate.
Pages xiv – xv
Information on charging structures and expected changes
Issues with hourly billing and efficiency. Long term pricing model based on fixed fee is seen a s key to efficiency – page 2155
Looking at law firms in the US corporate clients are exerting more control over costs:
Roughly one-third of companies also are experimenting with alternative fee arrangements. IKON Office Solutions, for example, uses fixed-fee arrangements for all of its non-compete litigation. Such agreements provide valuable predictability for companies seeking to create budgets at the beginning of the year. Other corporations have experimented with more complex fee regimes in order to give firms an incentive to resolve matters quickly. Blended rates, in which the client and law firm share both the up-side and down-side of legal risk, are becoming increasingly common. Still other companies, most notably General Electric, have conducted online-auctions to find cost-effective firms. Page 6