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    Should you switch from billable hours to fixed fees?

     

    A lot of law firms are  changing how they charge their clients and moving to fixed fees, but why? Is this a good idea, is it difficult and should you switch? These are a number of the the questions that are asked about fixed fees and in this blog we answer a lot of these questions.

    The problem with the billable hours.

     

    Lawyers have traditionally charged their clients using hourly rate billing. Recently this way of billing has received a lot of criticism, particularly on social media. Critics assert that billable hours encourage inefficiency, fail to give clients certainty, which is what they want, and result in clients receiving surprisingly high bills. As a result, fixed fees are growing in popularity.

    Switching from billable hours to fixed fees can seem daunting. It is a complete change in approach and philosophy, and the change takes considerable thought and research.

    It is essential to remember that pricing and billing form part of your identity and can help to cement or damage your reputation.

     

    So the fee structure should be a conscious choice, not something adopted simply because firms traditionally operate in a certain way.

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    The search for perfection. When is good enough, good enough?

     

    Are you a Perfectionist Lawyer?

    Are you a perfectionist lawyer, is it a good thing or can we go too far? Does it actually make us inefficient and less productive than we should be?

    Do we spend too much time looking for typos and changing words even when this does not improve the message or advice?

     Is this the best use of our time?

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    Can the Kuber Ross Model help the legal industry adapt to change?

    Kuber Ross Curve and law

    Kuber Ross Curve

    The legal profession is changing.

    How can we help lawyers and law firms accept change in culture and pricing and adjust to the new world? The Kuber Ross Model, The Five Stages of Grief, can be used to help understand the emotions involved in change and help lawyers move through emotions to process and accept change. (more…)

    Legal costs and fees – What does a client want?

    A new legal world

    Clients demands and expectations in relation to legal costs and fees are changing, are you changing with them?

    There have been significant changes in the legal profession over the last few years. There has been an increase in firms moving away from the traditional Partner structure and an increase in the number of law firms adopting alternative structures, with more consultancies and virtual firms.

    More fee earners are working from home, and hybrid working has changed people’s perception of what is possible.

    Clients’ expectations have changed.

    So what does this mean for law firms? (more…)

    Why you should consider file reviews on closing matters?

     

    The value of file reviews

    Do you use a file reviews at the conclusion of a matter? We look at why this can be helpful, what you can learn and how to conduct them

     

    Work can be busy. We are often so focused on the next task that we forget to stop, and evaluate the work we have completed. 

     

    File reviews  at this stage can be a useful tool. This can be particularly useful for something new or non-routine. It also helps as a way to check whether processes are as efficient as they could be. I also allows you to check that the costs structure used is working to its full potential.

     

    The role of the file reviews are not to criticise but to evaluate and learn. Understanding what went well is as important as identifying areas for improvement. The aim of a review can be adjusted to suit your aims and objectives. They can focus on a wider firm basis or a single matter. (more…)

    What is a Costs Budget?

    What is a costs budget?

    A costs budget provides a detailed breakdown of the legal costs of each phase of the case, identifies the costs already incurred and provides an estimate of future costs. (more…)

    Why do lawyers undercharge for their work?

     

    The problem with money

    Talking about money can be difficult and make us feel uncomfortable.

    Culturally we are discouraged from discussing our finances. Speaking about money can be viewed as rude or vulgar.

    But money is important, especially in business. It is crucial to the success of a business, from the fashion industry to law firms. They need to be able to value and price their work correctly to prosper.

    So why do we undercharge and how can this be prevented? (more…)