Our pricing sets us apart from many of our competitors and other law firms.
First, we have dedicated pricing partners for each area of expertise that ensures that the client is working with someone who has an underlying knowledge of the relevant issues.
Secondly, where other law firms only apply a strict time spent option with invoices detailing daily conduct of the work done by each fee earner and the rate applicable to everyone, we offer pricing options where we work with clients and reflect a more collaborative process with clients’ needs at the centre of the process.
It is clear to us that clients want to see from their lawyers:
- Real efforts to reduce production costs. In other words, to move away from a ‘cost-plus’ mentality;
- Greater cost-consciousness – ‘spending’ our clients’ money with care, as if it were our own money;
- More pricing and payment options;
- Greater client involvement and engagement in the pricing aspect of the relationship;
- Greater pricing transparency;
- Greater pricing certainty and budgetary predictability – a ‘no-surprises’ policy;
- Greater correlation between price on the one hand and the perceived value of the results achieved on the other hand; and
- Greater price risk sharing between our clients and us.
So what does this mean for you?
In respect of each instruction, we first seek to establish priorities in respect of each matter. Are you interested in:
- Pricing choice;
- Pricing certainty;
- Price linked to result;
- Fee risk sharing;
- and payment choice.
Having developed a clear understanding of what is important to you and what you are therefore happy to pay for on each matter, and the extent to which you wish to assume price risk or to share that price risk, we will then very quickly develop pricing and possibly payment choices for you to select from. The pricing choices may vary depending upon the category of matter and include:
- Traditional hourly rates formula;
- Fixed fees for the entire case and/or stages of the matter;
- Collar arrangements;
- Conditional fee agreements; and
- Damages based agreements.
There are many other alternatives and combinations of them.
Once the client has chosen (and that is key here: clients have made it clear to us that they much prefer to be given choice rather than being presented with a single option) the pricing option that suits their needs best, we will then document the arrangement so that there is clarity as to the scope of our engagement, and any assumptions and exclusions that may apply.
Our goal is to ensure that however the particular matter plays out, you feel they have had good value for money and no surprises!