Interesting quote in a post on the Legal Futures website by Nick Hilborne ‘Law firms “lack confidence in negotiating fees”‘:
Seven in ten law firms say they lack confidence in negotiating fees while 40% “do not know with any certainty” what proportion of their client relationships are profitable, a study has found.
And while I found that interesting (if not a little depressing), this quote made me laugh out loud:
Researchers also found that ‘more training in value pricing’, rather than hourly rates or fixed fees, was the most popular option for increasing profitability.
But unsurprisingly, given the winds of downturn we are all now feeling:
Fixed fees (39%) were more popular than hourly rates (35%)
Anyhow, interesting post that I thought I would share. Can I recommend you go take a look.
As usual, comments are my own.