Lawyers & Clients Collide

At a Managing Partners Forum currently being held in San Diego, CA, Larry Bodine Regional Diretor of PM Forum, writes that R. Bruce McLean, chairman of Akin Gump in Washington, DC, said that next year will mark the first time a lawyer charges over $1,000 per hour. He said that law firm pricing and client demands for lower rates are on a collision course. (Haven’t we heard this before?) “There is a real opportunity to be a market leader in alternative pricing,” he said.

You may want to review our earlier discussion about alternative fees becomes even more important. In Law Practice Management Review: The Audio Magazine for Busy Attorneys, we interviewed six major corporate General Counsel and Outside Counsel; they shared their concerns and expectations for future billing relationships. Now may be the time for you to review their conversations again.

Categorized in: Cash Flow - Finances