Fixed fees: their time has come
In these troubled economic times, fixed fees for particular legal matters have appeal both for law firms and their corporate clients. We - a former general counsel of a major company and a current co-managing partner of a major US law firm - strongly believe that this is an idea whose time has come. For in-house counsel facing tremendous budgetary pressures, the fixed fee addresses the problems caused by the hourly rate such as unpredictability, high costs divorced from actual value and, most importantly, the maddening law firm definition of 'productivity' - defined as more lawyers and more hours per matter.
As the recession shines the spotlight on legal spend, Ben Heineman and William Lee argue the case for scrapping hourly rates in favour of fixed fee arrangements
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