Statistical analysis enables firms to set flat fees; cost-component calculus, widely used to price services, facilitates matter-based billing by lawyers

Article Abstract:

Firms willing to proactively develop a system for determining flat fees will stand out in an environment where many clients want that but few firms are yet able to provide it. Law firms can use statistical analysis, based on historical time records, to break out the cost-components of the legal service product, using ratings to assess variations in complexity or other case-specific topics. The more predictable components often comprise 50% of the cost in a complex case. Internal experiments with fixed pricing can help.

United States

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How much to charge: the subject they don't teach in law school

Article Abstract:

Attorneys starting their own firm need a strategic plan for capturing a share of the market and for deciding how much they should charge. The business plan should first concentrate on the specialties the firm hopes to pursue, its target market and proper pricing in terms of that market, and how to market legal services. Attorneys must remember that there will be shrinkage in their expected revenue due to collection problems, also, that starting a business entails additional costs which must be added to overhead.

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