Business of Law
Law Firm's New Fee Scheme Includes Billings Tied to Price of Oil for an Energy Client
Can this be the future of BigLaw billing practices? A major law firm based in the United Kingdom has unveiled new fixed-fee arrangements it is suggesting to some 3,500 clients.
Innovation is the name of the game. For example, CMS Cameron McKenna is offering an oil client a capped fee that is tied to the price of oil, reports Legal Week.
Other options include monthly fixed fees and reduced fees based on volume discounts and timely bill payment.
The firm’s managing partner is personally visiting clients to discuss alternative billing arrangements, the article says.
A law firm report (PDF), on The future of fees: your road map to value, provides more details.
