Excellent legal advice and efficient service delivery are atop many clients’ list of requirements when engaging a law firm, but so is transparency when it comes to how a firm prices its legal services. Clients are requiring that law firms’ cost estimates should not be based on any subjective, visceral, or “gut feelings,” but instead on real empirical data. We talk about how, in the present day, it’s easier to find attorneys than it used to be. But, because there’s so much choice – it’s hard to find a lawyer you know you can trust, at a reasonable price.
Clients understand that some of the legal work may be complicated and require a special skill set; but much of it is highly transactional, commoditized, and therefore driven by data and analytics. Consequently, cost estimates are increasing in popularity and complexity because many clients are looking for better ways to manage, control, and forecast their external legal costs against internal budget requirements.
Affordable legal services
Clients expect that because firms today are increasingly having to work smarter and more efficiently, those efforts should translate into more affordable legal services and that those savings should show up in the cost estimates that the firms put forward. Efficiency practices such as a focus on legal effectiveness and the utilization of data and metrics have empowered many clients in how they source and manage external legal spend.
Our cost estimate offers clients a precise understanding of what it is that the firm will be delivering (communication strategy, defined scope-minus any ambiguity), how and when it will be delivered (staffing ratio, pricing for variances and assumptions, defined timelines) and finally, the economic cost of the work product.
Visibility and transparency
Our cost estimate can provide clients with greater visibility and transparency into validating the analysis that is used by a law firm to price its legal services. Greater transparency leads to greater comfort for the client and an assurance that the firm is acting in the client’s best interest. Transparency also ensures that the client understands the value proposition of the cost estimate as it relates to the success of the matter.
Legal services can be complex and the final cost can depend on things such as the type of service, individual details of the case, and how events develop. The expertise and experience of the lawyer may affect things too. However, most services are straightforward and we give you a clear idea of what you will be charged from the start.
Even if things do get complicated, we warn you when this happens, so there shouldn’t be any surprises in your final bill. We will happily answer your cost-related questions. We also provide you with a client care letter when you appoint us. This letter clearly explain the costs for the service and any terms and conditions that may affect the final price.
Finding the lawyer or the law firm who is right for you and the service you need is important. A consultation by phone, face-to-face, letter or online can help you make your decision.
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