Fixed-fee billing: The wave of the future?
Abstract: In these difficult economic times, clients are seeking to economize on their legal bills. But, rather than cutting back on services, many are demanding that their law firms convert from hourly to fixed-fee billing. The good news for attorneys is that the switch can pay off for both their clients and their firm — if the fees are properly calculated. This article explains the two-step process involved in fee-setting, and looks at the benefits both parties receive for particular types of legal work. A sidebar briefly discusses sliding scale fixed-fee arrangements.