Big Firms Shifting to Fixed Fees
Emma Sadowski at Legalweek.com has an article detailing plans to implement fixed fees for transactional work at Mayer Brown and at Reed Smith. The recession is forcing firms to provide value to clients.
Our firm has been using contingency fees for a decade and we have been using blends of flat fees and contingency fees for the past few years - mostly when we represented plaintiffs. We are used to taking risks and only getting paid if we win. Now, we are shifting our focus to representing companies - defending them in employment discrimination cases and we are trying to adapt our flat fee approach to these cases. Clients not only like it, they are demanding it. The key is aligning the interests of the client and the law firm. Not always easy to do. Takes some creative thinking and risk tolerance.
