Law Practice Management
Mayer Brown and Reed Smith to Roll Out Fixed-Fee Plans for Corporate Clients
Posted Sep 17, 2009 11:30 AM CST
By Martha Neil
In what may be a signpost to the future for other BigLaw firms, two major legal partnerships are planning to implement fixed-fee payment structures for corporate clients.
Mayer Brown is working on a plan to offer fixed fees for all transactional work, and Reed Smith has set up a committee to develop a plan to increase the use of fixed and capped fees in transactional matters, reports Legal Week.
The changes are in response to client demand for more value and certainty concerning legal bills, which has been exacerbated by the global ecoomic troubles of the past year.
"If we are to build our client relationships, we have to develop pricing structures which meet these priorities," says executive partner Jeremy Clay of Mayer Brown. "There seems little doubt this type of pricing is an important factor when getting and developing new client relationships."
Related coverage:
ABAJournal.com: "O’Melveny Aims to Become Fixed-Fee Leader, Leaked Plan Says"
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Comments
B. McLeod
Sep 18, 2009 4:46 AM CST
It is looking increasingly clear that large firms will not escape lasting impacts from the recession.
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B. McLeod wannabe
Sep 18, 2009 9:43 AM CST
Comment removed by moderator.
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LAB
Sep 18, 2009 11:53 AM CST
Unavoidable changes from industry shake-out all over. Even the venerable legal industry sees a need to adapt and make changes. The car companies need to do the same.
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B. McLeod
Sep 19, 2009 2:31 AM CST
Always I’m flattered when I see the stuff from the wannabes. But really, people should understand, this is just another example of how the grass looks greener elsewhere. Although I always try to maintain a positive and happy outlook (and may seem very carefree to readers on this board), I am not that different from any other lawyer. When I have a major transaction pending, I have to put in the time to review and understand and detect errors in the documents. When I have a talented colleague on my perimeter in a litigation matter, trying to tag my client, I have to pay attention to what they are doing and take the steps necessary to address it. Same old, same old. So, although I do have my share of wonderful 8-hour days and non-working days, I still do have the occasional 16 and 20-hour days like everybody else. The demands of the engagements set the duty, and they are what they are. I have these the same as anyone, and in this respect, wannabes should not be unduly envious of me.
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