Heading the same direction - why a more imaginative approach to billing is required
When it comes to innovation in fees the UK leads the world. A recent survey by consulting firm Altman Weil found that 94.5% of the 218 US firms they interviewed - and 100% of those with 150 lawyers or more - offered non-hourly billing. But the billable hour is institutionalised in the US, albeit at a lower rate with more diligent time recording. Fixed fees (or, crucially, flexible fixed fees) have typically been used by UK nationals and heavyweight regionals - but even the most traditional of London firms are finding they need to be more imaginative as it becomes increasingly difficult to access the levels of work enjoyed in the past.
The time has come for a more collaborative service. And, argues Cobbetts’ Stephen Benson, a more imaginative approach to billing is a big part of achieving it
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