The following Practice Management practice note produced in partnership with Robert Mowbray of Taylor Mowbray LLP provides comprehensive and up to date legal information covering:
This Practice Note provides an understanding of how to deal with the constant pressure from clients to discount fees. It discusses some creative fee arrangements and looks at how solicitors can learn to negotiate fees with more confidence.
Perhaps the most important thing is to understand what a creative fee arrangement is; it is certainly not a bigger discount. A creative fee is one that is better for the client and also better for the solicitor. If the arrangement is one-sided, such a discount is probably not sustainable in the long term. There has been considerable commentary in the legal press that clients do not like time-based fees as they can encourage inefficiency. While this is definitely true there are still certain types of matter where a client might choose a time-based fee as being appropriate and the most fair arrangement to both parties, eg where it is uncertain how much work will be required.
So, what are the genuinely creative fee arrangements that you could consider? Here are a few suggestions:
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