Pricing – Aligning Client and Firm Interests
Thomson Reuters - Legal Solutions Blog 08/19/15 By Kimberly Leach Johnson
Below is an excerpt:
It’s no surprise that pricing discussions with clients can be difficult. However, when a firm can align its interests with clients’ interests, a true partnership can exist.
Most general counsels want a fixed fee in order to drive down their costs and be able to budget for a predictable legal expense; however, Paul Jones, the general counsel of Harley-Davidson, is an exception. About four years ago, he asked various firms to respond to a Request for Proposal (RFP) for a fixed fee over three years—not to reduce his costs, but for value and efficiency purposes.