Cost control in fixed-fee arrangements

Venue: London

Location: London, United Kingdom

Event Date/Time: Nov 30, 2010
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The UK legal profession is experiencing a “perfect storm” of four converging vectors: Firstly, we have client hyper cost-sensitivity, driven by the recession. Secondly, we have a hard correction of lawyer compensation especially amongst the junior ranks, and client pushback to juniors “pumping time out the door.” Thirdly, we have accelerated commoditization of many legal services, driven by technological advances and globalization of legal services. Finally, looming changes made possible by the Legal Services Act add further layers of complexity.

Law firms must ensure that they control their costs when arranging fee structures with clients, while delivering real value and simultaneously remaining profitable for the law firm. However, many law firms lack the tools even to measure engagement or client profitability properly; law firms must know how to minimise the risk to themselves through fixed fee arrangements. This Masterclass is designed to provide the tools for law firm leaders to tackle these issues head-on.