On Sale: The $1,150-Per-Hour-Lawer. Sophisticated Fortune 500 in-house legal departments develop innovative approaches to managing all of these factors with Argopoint support. A strategic focus should include consideration of the value delivered to the client.
On Sale: The $1,150-Per-Hour Lawyer
The $1,150-Per-Hour Lawyer has arrived. Partners at top firms are charging more than ever, yet those nosebleed hourly rates aren't always realized. Partners at leading firms are charging more than ever -- routinely $1,150 or more an hour -- but the high rates aren't all they appear to be.
Having passed the $1,000 an hour mark, some leading deal, tax and trial lawyers are charging fees of $1,150 or more, according to an analysis of billing rates.
But, as attorneys jack up their standard rates, many lessen the blow with deep discounts and charge-backs, meaning few clients pay rack rates.
ARGOPOINT WEIGHS IN
On Sale: The $1,150-Per-Hour Lawyer points out a shocking, but inevitable trend in the legal services marketplace. Argopoint’s more innovative clients are pleased with carefully designed and appropriately implemented strategies to significantly reduce the cost of legal services without compromising the quality of legal services.
The author of this article has assembled some great data, and it highlights some of the cost drivers behind the (regular!) annual increases in the cost of legal services. Hourly rates (even at $1,150 an hour) are just one component, of course. Other factors include (but are not limited to), hours billed, hours paid, discounts, staffing mix, etc. Argopoint's clients are sophisticated Fortune 500 in-house legal departments who we help develop innovative approaches to managing all of these factors. A strategic focus should include consideration of the value delivered to the client and a fair market price for the services delivered. There is no magic solution, but a combination of legal expertise and well-thought out business processes have been very helpful in our experience in reducing legal costs, while improving the value of services delivered.
In general, a strategic management approach to the firm evaluation and selection process enables clients to regain control when utilizing outside legal services.