More Law Firms Charging Fixed Fees

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Firms large (Morgan Lewis) and small (Butler Rubin) are starting to abandon the billable hour method in order to land major new clients, reports law firm marketing expert Larry Bodine.

Most corporations pay lawyers by the hour. But critics say that approach encourages lawyers to be inefficient, leading to large, unpredictable bills. Now, law firms are offering flat rate or fixed-fee agreements to win new legal work.

While a growing trend, alternative billing has yet to catch on in a big way, especially with the nation's top law firms, which are generally hugely profitable using the billable-hours system for most of their work. According to an upcoming study by the General Counsel Roundtable, 62% of about 150 general counsel at large companies said they have used fixed fees "once in a while," up from 54% in a study done in 2002.

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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.

© Larry Bodine, The National Trial Lawyers Association | Attorney Advertising

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