News
Two-thirds of in-house counsel would pay higher fees for high value work if they were charged less for low value work, research shows.
The new research—Stop the Clock?—by the C&I Group and BDO Stoy Hayward shows that while most practising lawyers use the hourly billing system, there is a growing demand for other options.
Deepak Malhotra, C&I Group London region chairman, says: “If in-house counsel and law firms are to explore a new approach to billing it has to be within a climate of trust. The survey proves that now is a unique time where both parties are willing to discuss fees in a transparent manner.”
The survey of 171 C&I Group members reveals that 97% of in-house counsel have used hourly billing in the last 12 months, although it rated lowest in terms of satisfaction of current billing methods.
The most popular alternative to hourly fees is having a menu-style approach, allowing in-house counsel to pick the most preferred billing method that best suits the particular job—47% chose this as the current best option.
