A recent fundamental shift in the legal industry is delighting not only attorneys but those seeking legal counsel. Law firms are putting the interest and pocketbooks of their clients first, reaping the benefits of both fortified relationships in addition to rising profits.
Whether you’re merely testing the waters or ready to dive in headfirst, Debra Bruce’s in-depth presentation brought to light the steps and ethical rules involved in switching from hourly billing to a fixed fee pricing model with minimized risk.
While the transition itself presents a number of unique challenges, the downstream effect is a competitive advantage for your firm.
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1:40 – Fixed Fee Logistics
Taking stock of your past and present expenses in advance to craft a predictable, profitable fixed fee billing model for your firm.
18:20 – Engagement Agreement
For your own protection, DO NOT advance any further into the fixed fees domain without taking pause and absorbing these provisos.
26:35 – Fixed Fee Ethics
A sampling of model rules in regards to fixed fees plus other related ethics rules to be mindful of when making the transition. Be sure to investigate the rules in your own jurisdiction.
32:13 – Retainer, Non-Refundable Fee, Or Deposit
How do you characterize your fee?
34:29 – Improving Profitability
The incremental steps towards improving profitability with a fixed fee model starting with time management tips and eliminating frivolous expenses.
47:10: – When to involve clients (and when not)
Transparency and validation are paramount in your relationship with your clients. Here’s where to draw the line on client involvement.