Legal Week to poll clients on best firms for value billing
Author: Alex Novarese
09 Sep 2009 | 11:15
Client feedback to be used to rank firms on all-round service
Legal Week is to rank the UK's leading law firms on the basis of their commitment to alternative billing as part of a major research project carried out in conjunction with clients.
The initiative will expand on Legal Week Intelligence's annual Client Satisfaction Report by asking clients to grade individual advisers on their record for alternative billing and predictable costs.
Legal Week will also, for the first time, publish some headline rankings from the report, based on clients' views of their advisers over a range of criteria including quality of service, cost and quality of legal advice.
The initiative promises to be the first comprehensive attempt to identify those law firms that have responded to mounting client pressure for a move away from hourly billing towards models that promote efficiency.
The issue has been put back on the agenda by the current recession, with major clients pressing advisers for substantive reform of billing practices after a decade during which legal bills have increased well ahead of inflation.
The forthcoming report, for which research will begin this month, will also for the first time seek out client commentary as part of law firms' profiles. The report last year included feedback from hundreds of the UK's largest companies, including 54 of the FTSE 100.
Participating clients will receive the key findings from the report, which is due to be published in November.
Boston Consulting Group general counsel Jeremy Barton said that it is a challenge for clients to identify law firms to work with on a fixed-fee basis, as such models rely on trust to work effectively. He added: "If I wanted to ascertain how committed a particular firm that I hadn't used was to alternative billing, I'd ask for references from other general counsel."
For more details contact Paul Birk on 0207 316 9864 or email paul.birk@incisivemedia.com.
Click here to view further details of the Legal Week Client Satisfaction Report 2009
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COMMENTS (TOTAL 1 COMMENTS)
Fixed fees may make you feel that you're saving you company money, but in reality law firms are businesses first and foremost. They may not be managed as well as other businesses but nevertheless that's what they are in the final analysis. Fixed fees are by no means the panacea in resolving the dilemma most companies are facing today in that there is tremendous pressure to cut costs in every area of the business including legal fees and expenses. This is not very difficult as it may seem and fixed fees will not accomplish that goal. First, some Bar associations feel that it is not in the best interests of their clients to fix fees except in very routine legal matters, ie real estate transactions, workers compensation cases, uncontested domestic case etc. Any complex cases involving litigation and transactional matters generally do not lend themselves to fixed fees because of all the unknowns that seem to evolve. The fact of the matter is that if you want a law firm to take a risk and fix their fees on a case-by-case method or annually they will be forced to inflate those fees. If you allow them to adjust their fees because of unknown variables then how will you know they are legitimate without auditing all time records and work product? Controlling legal fees and expenses is not that difficult, all you really need is comprehensive billing guidelines and you develop and your law reviews the guidelines and agrees to follow them. Then, if necessary, your engage the services of a professional legal auditing company to insure that all your firms are adhering to the guidelines. Make sure the company you select has full-time experienced lawyers and accountants on staff and has an established clientele and reputation of being objective. Fixed fees will NOT accomplish your goals.
Dr. Harry J. Maue -22 Oct 2009 | 16:11
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