More Law Firms Charging Fixed Fees, Study Says
Posted May 2, 2007 9:38 AM CDT
By Debra Cassens Weiss
Cisco Systems Inc. spurns hourly billing arrangements by its law firms, spending about 75 percent of its legal budget paying fixed fees.
The company is a leader in alternative billing, a growing trend, the Wall Street Journal (sub. req.) reports. Such arrangements are made possible by electronic billing and matter-management software programs that help law firms estimate the costs of legal work.
Sixty-two percent of 150 general counsel at large companies responding to a General Counsel Roundtable survey said they used fixed fees "once in a while," up from 54 percent in a 2002 study, the newspaper reports.