Herbert Smith's property team is asking clients to take low-value work elsewhere, as the City leader moves towards taking a more flexible approach to client billing. Partners in the top 10 law firm's real estate group have been talking with key clients over the last six months about whether it would give clients better value for money if the firm retained only complex high-end work, with lower-value volume work being sent to other firms. Up to 15 top clients, such as pension funds that own portfolios including shopping centres, have been contacted to see whether straightforward asset management work, which generates low fees, could be sent to regional firms.
April 09, 2009 at 01:58 AM
1 minute read
The original version of this story was published on Legalweek
Herbert Smith’s property team is asking clients to take low-value work elsewhere, as the City leader moves towards taking a more flexible approach to client billing.
Partners in the top 10 law firm’s real estate group have been talking with key clients over the last six months about whether it would give clients better value for money if the firm retained only complex high-end work, with lower-value volume work being sent to other firms.
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