53% of law firms surveyed have offered a pre-paid deal through which clients are granted some form of discount in exchange for pre-payment for a certain number of hours of legal work to be performed in the future
New York, New York (PRWEB) January 31, 2014
The 80-page study presents the results of a survey of 35 (mostly larger) law firms from the USA, the UK and Canada with a mean of 63 law partners. They present their opinions on dealing with corporate cost control pressures, holdback arrangements, discounts for pre-paid services, fixed or capped fee arrangements and other forms of alternative pricing of legal services.
The report gives highly detailed and precise data enabling firms to answer questions such as: what percentage of firm revenues derive from specific forms of alternative pricing? How fast is alternative pricing spreading? What percentage of firms practice or consider practicing certain alternative pricing models? How much have firms spent to study alternative pricing models? How have firms altered their manpower deployment practices in response to pressures to lower costs? What percentage of clients have proposed non-traditional pricing structures?
Data is broken out by size of firm (less than 5 partners, 5-19 partners, 20 to 100 partners and 100+ partners (with a mean of 265 in this group), by the type of client that accounts for most firm revenue (individuals, small & medium size business, major corporations) and by other useful criteria.