Law firms’ clients are increasingly rejecting the chargeable hours model and instead demanding fixed pricing for work, according to a new report by Legal Week‘s research arm, which canvassed the opinions of more than 1,400 in-house respondents.
Legal Week Intelligence’s flagship annual research project – the Client Satisfaction Report – found the number of respondents listing fixed fees as their preferred billing option increased from 47% to 69% over the last year. There was also a significant jump in the proportion of clients opting for fixed fees with an additional success uplift (from 9% to 17%), as the idea of asking advisers to share risk grows in popularity.
