Legally Yours, together with Clarence Workplaces for Solicitors, recently hosted a week of free CPD events on Fixed-Free legal services in Brisbane, Sydney and Melbourne.
Moderated by Karen Finch, CEO of Legally Yours, our panellist of industry experts and lawyers discussed the meaning of ‘fixed-fee’, its benefits, and its practical implications for the legal industry.
Our Melbourne Panellists were:
With more than 25 years’ experience as a leader in professional firms, John established his own consultancy in 2005 to share his expertise and experience with firms looking to move beyond the traditional firm model. This led to the founding of Innovim last year. Innovim works with law departments and law firms to change the value conversation, and transform the lawyer/client relationship by helping lawyers understand the client’s perception of value and deliver services in a manner and at a price aligned with value. Building pricing skills, using design thinking to reconsider the service delivery model, applying legal project management tools to the conduct of work enables a firm to set, get and keep a value price. (www.innovim.com.au)
Here are some photos we captured on the night
Moores Managing Principal, David also provided some advice to those thinking about going fixed-fee however unsure about the initial steps. The take away message was that we should jump in, take risks, persist, and improve because we never know where it may lead. Further, when you have a discussion with a client and come to a mutual agreement, it provides the foundation of a successful relationship. All in all, it’s a better business model.
But what about actually implementing the new system and what did the initial conversations at Moores look like? For Moores, it was a gradual process. Moores initially ran a pilot in one department before introducing the concept more widely. Clients were given the option of fixed or timed fees. Those who chose fixed-fee appreciated that Moores was sharing risk with them.
Perhaps the correct approach is a hybrid approach that utilises both fixed and timed fees. As recent research by Macpherson Kelley suggests, clients just want option?
Click here to see how the conversation unfolded on the night:
Are you a fixed-fee lawyer? Interested in joining our marketplace?
This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area. If you require any advice or information, please speak to practicing lawyer in your jurisdiction. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Legally Yours Pty Ltd accepts or assumes responsibility, or has any liability, to any person in respect of this article.
This article was written by Edmund Yuan, recent Law Graduate from Monash University