Want to get this daily news briefing by email? Here’s the sign-up.
WHAT WE’RE WATCHING
EVERYTHING’S NEGOTIABLE - Even as many law firms have seen demand for their services soar over the past year-and-a-half, clients continue to treat paying their legal bills like they’re auditioning for an episode of “Extreme Couponing.” The Legal Pricing and Budgeting Report, a collection of data from more than 800 law firm pricing professionals across the U.K. and North America at firms with at least 100 lawyers, recently detailed how write-offs, discounts and alternative fee arrangements remain “widespread.” As Law.com’s Andrew Maloney reports, 94% of respondent firms said they have experienced delays in settling bills, while a majority in North America (60%) and nearly half in the U.K. (48%) said write-offs have increased by at least 60% since COVID-19 swept the globe. But there is a golden opportunity here too. Firms reported average increases in demand for AFAs of 28% in North America and 26% in the U.K since the pandemic started. “Following a year when firms went above and beyond to support clients, expectations have risen, and that includes expectations that law firms will embrace digital technologies at the same rates as clients,” the budgeting report said, noting that the pace of some firms’ adoption of digital tools will be a competitive edge. “Going into a client negotiation with a clear idea of what AFA can be profitably offered and being transparent about pricing changes the debate from fee arrangement to the value being delivered.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
You Might Like
Law Firms Mentioned
Trending Stories
-
Featured Firms
Law Offices of Gary Martin Hays & Associates P.C.75 Ponce De Leon Ave NE Ste 101Atlanta, GA 30308(470) 294-1674www.garymartinhays.comLaw Offices of Mark E. Salomone2 Oliver St #608Boston, MA 02109(857) 444-6468www.marksalomone.comSmith & Hassler1225 N Loop W #525Houston, TX 77008(713) 739-1250www.smithandhassler.comPresented by BigVoodoo
More From ALM
Modern Attachments in M365 eDiscovery: How Much Do They Really Matter?
Brought to you by HaystackIDDownload Now
Generative AI & the Legal Profession: 2023 Report For In-House Counsel and Compliance Professionals
Brought to you by LexisNexis®Download Now
Tax Planning for the Present and Future: A Guide for Law Firm Partners
Brought to you by ONE Advisory Partners, LLCDownload Now
Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.View Now
From Data to Decisions
Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.Exclusive Depth and Reach.
Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.Big Pictures and Fine Details
Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.New York Legal Awards (NYLA) 2023
October 05, 2023New York, NY
The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.
Learn More
GlobeSt. NET LEASE Fall 2023
October 16, 2023 - October 17, 2023Los Angeles, CA
This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.
Learn More
GlobeSt. Multifamily Fall 2023
October 16, 2023 - October 17, 2023Los Angeles, CA
Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
Learn More
Finance/Corporate Trust Lawyer - CT or Remote
We are seeking a lawyer with a minimum of four years of experience in transactional work to join our well-established, nationally renowned C...
Apply Now ›
COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered
We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Candidates should ...
Apply Now ›
FINANCE & REAL ESTATE ASSOCIATES - Connecticut Preferred; Remote will be considered
Shipman & Goodwin LLP is seeking two associates to expand our national commercial real estate lending practice. Candidates should have ...
Apply Now ›
RIKER DANZIG SCHERER HYLAND & PERRETTI LLP
09/18/2023New Jersey Law Journal
Riker Danzig deeply mourns the passing of our esteemed partner, dear friend and beloved colleague, Marc D'Angiolillo.
View Announcement ›