[June 24, 2014]

Research and Markets: Survey of Law Firm Policies on Alternative Pricing of Legal Services

Research and Markets (http://www.researchandmarkets.com/research/n5z66f/survey_of_law) has announced the addition of the "Survey of Law Firm Policies on Alternative Pricing of Legal Services" report to their offering.

The 80-page study presents the results of a survey of 35 (mostly larger) law firms from the USA, the UK and Canada with a mean of 63 law partners. They present their opinions on dealing with corporate cost control pressures, holdback arrangements, discounts for pre-paid services, fixed or capped fee arrangements and other forms of alternative pricing of legal services.

The report gives highly detailed and precise data enabling firms to answer questions such as: what percentage of firm revenues derive from specific forms of alternative pricing? How fast is alternative pricing spreading? What percentage of firms practice or consider practicing certain alternative pricing models? How much have firms spent to study alternative pricing models? How have firms altered their manpower deployment practices in response to pressures to lower costs? What percentage of clients have proposed non-traditional pricing structures?

Data is broken out by size of firm (less than 5 partners, 5-19 partners, 20 to 100 partners and 100+ partnrs (with a mean of 265 in this group), by the type of client that accounts for most firm revenue (individuals, small & medium size business, major corporations) and by other useful criteria.

Just a few of the report's many findings are that:

• 14.71% of the organizations sampled have used holdback arrangements through which clients withhold a pre-defined percentage of fees and then pay this percentage, or not, according to their level of satisfaction with how a legal matter is concluded.
• 29.33% of clients of law firms whose main revenue source was major companies with annual revenues of more than $250 million had proposed non-traditional pricing models.
• Firms that work predominantly for small business and individuals also garnered nearly 40% of revenue from fixed or capped fee arrangements.

Key Topics Covered:

1. Characteristics of the Sample
2. Use of HoldBack Arrangements
3. Offering of Pre-Paid (News - Alert) Legal Services
4. Statistics on the Degree of Discount Offered on Pre-Paid Deals
5. Percentage of Revenues Accounted for By Alternative Fee Arrangements
6. Percentage of Clients that Propose Alternative Fee Arrangements
7. Law Firm Spending on Reports, Seminars and other Information Resources on Alternative Pricing
8. Impact of Corporate Procurement or Purchasing Departments
9. Fixed or Capped Fee Arrangements

Sources / Contributors

• Aaron & Partners
• Adams, Adams, Baca & Mcmillen
• Archon Solicitors
• Asb Law Llp
• Bankside Law
• Birketts Llp
• Brahams Dutt Badrick French Llp
• Bristows Llp
• Carter Perry Bailey Llp
• Cmm Quay Legal Group
• Coleman & Horowitt, Llp
• Cripps Harries Hall Llp
• Davidson Troilo Ream & Garza, P.C.
• Drinker Biddle & Reath
• Duane Morris Llp
• Eckert Seamans
• Gaslowitz Frankel Llc
• Hall Smith Whittingham Llp
• Hanson Renouf
• Kane Russell Coleman & Logan Pc
• Katten Muchin Rosenman
• Kemp Little
• Kightlinger & Gray Llp
• Lathrop Gage Llp
• Legal Action Workshop, Pc
• Meadows & Macie
• Rouse Legal
• Shakespeares
• The Dodd Law Firm
• Veneruso, Curto, Schwartz & Curto

For more information visit http://www.researchandmarkets.com/research/n5z66f/survey_of_law

[ Back To TMCnet.com's Homepage ]