File this under: “Ten Things That I Thought Would Never Happen in My Lifetime.”
Law firms forced to lower fees
The recession hasn’t been good for the legal profession. Clients are demanding lower fees and new billing procedures. What’s more, it’s unlikely that law firms will be able to return to business as usual even after the recession.The overhaul in fee structures could include offering flexible payment options such as flat fees, monthly retainers, blended rates, contingency fees and rate caps, according to Jonathan Veale, division director of Robert Half Legal. To offset revenue loss and increase efficiency, many law firms will start outsourcing support services overseas.Beyond the impact of the recession, one of the biggest changes will be in dealing with the popularity of online legal services. Experts predict that clients will have the option of increasingly sophisticated Web-based legal assistance. These services may end up hurting small law firms more than large firms because small firms traditionally handle document preparation, and most online legal services allow easy access to documents and regulatory expertise on demand.Source: Trend Letter, December 2009
Sorry, Lawyers, but halle-friggin’-lujah! ’bout time. How about a few more merit (success)-based metrics? Like half now and half when you accomplish what I hired you to accomplish.
Real estate agents are next. What again exactly is sacred about 6%?
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