Transparent pricing: the future

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In many speeches, I have urged in-house counsel to pool their pricing information since doing so, and making it public, would create targets that competitive law firms would try to beat. I believe that price transparency, which clients have within their power, will have the single largest effect on lowering prices and increasing value. But there does not seem to traction for this in the corporate world. The same is not true in the individual consumer world, thanks in large part to the entrepreneurs at AttorneyFee.com. It was my great pleasure to have lunch with Richard Komaiko and BeiBei Que, two of the team behind the business. It was refreshing to see two enthusiastic business persons with a great understanding of their market and how their business can make an impact. AttorneyFee is making fees for basic personal legal services like estate planning, real estate, basic criminal work, bankruptcy or debt relief and other areas transparent in a number of markets. I think this is a great tool in this area. I can only hope that once they conquer the area of personal legal services, the principals at AttorneyFee bring their innovative thinking to the corporate legal world!

Published In: Professional Practice Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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