Legal Commentary

"Law Firms Say Alternative Billing Won't Dent Profits." More Evidence Firms Just Don't Get It

By Patrick J. Lamb

Law360 today reports in an article Law Firms Say Alternative Billing Won't Dent Profits (sub req.).  Hmmm.  So let's see.  We know the virtually no firm has restructured its business model.  We know that few firms have made a real commitment to project management.  We know that few firms have made even a pretend commitment to process management and outsourcing (or any of its variations).  So what inference can we draw from the conclusion that firms believe their profits will be the same?

It seems to me that the most significant conclusion is that clients should be very concerned about an any "alternative" (true believers use the term "Value Fee") fee quoted by their firms.  If the firm has not restructured its business model in a significant and therefore visible way and it expects to be reaping the same profits, the "alternatives" it will be quoting are nothing more than dressed up hourly rates--the "wolf in sheep's clothing syndrome."  More evidence that most firms don't really get it when it comes to change.

Full post as published by In Search of Perfect Client Service on June 23, 2010 (boomark / email).