With Validatum Pricing Espresso® we aim to bring you your regular pricing 'shot' - the best, most interesting, thought provoking and informative material we can find globally which will be of interest, relevance and help to you in your legal services pricing challenges. [Note: we don't always agree with the content of others that we post but the philosophy of Validatum Pricing Espresso® is shared perspectives, not a personal 'soap-box']
Legal Pricing Academy Student Profile - Gareth Guyers
We share some insights from another student of the Legal Pricing Academy - Gareth Guyers, Regional Billing Manager at Milbank in Singapore.
When did you get started in the legal profession?
I joined Eversheds (now Eversheds Sutherland) in 2007. I originally joined as a Credit Controller but then my role morphed into a Working Capital Controller working alongside the Corporate Partners to better understand the client’s wants and needs. This was a time when e-billing was gaining momentum so understanding the different e-billing platforms that were being utilized helped us work better with our clients. Read more...
5 Reasons Why Law Firms Should Move to Value-Based Billing
The billable hour is a cornerstone of the legal profession. For generations, lawyers have relied on increments of time to create value-based billing and quantify the services provided to clients. The more time a matter takes, the more lucrative it is for the attorney and the law firm. Yet, as the practice of law evolves and advances, attorneys are realizing that this model of value-based billing may not be the optimal choice.
Many attorneys are choosing to quantify their services based on the value that they provide their clients instead of the billable hour. They are finding that this type of billing benefits their firm, while also benefitting their clients. Read more...
For health’s sake, move away from the ‘extreme angst’ of time-based billing
Under traditional billing methods, the overarching value of a lawyer – particularly junior practitioners – is measured by the quantum of hours billed, which causes significant detriment to one’s health and wellbeing, argues one principal.
In conversation with Lawyers Weekly, Enterprise Legal principal legal director Peta Gray (pictured) – who was recently crowned Wellness Advocate of the Year at the 30 Under 30 Awards – said that under a time-based model, there is “little to no reward for employees who innovate, improve processes and efficiencies, cultivate meaningful relationships with clients and referrers or spend time marketing the firm”. Read more...
Report: Procurement and Legal's Relationship Is Improving, but There's Room for Growth
A new report from Buying Legal Council found procurement professionals are increasingly involved in outside counsel and legal service hiring decisions, though more than half are still sometimes left out, especially on high-risk matters.
Legal procurement professionals are increasingly engaged in outside counsel and service provider selections, a Wednesday-released report from Buying Legal Council found, but their relationship with in-house counsel isn’t yet perfect. Read more...
Legal Pricing and Project Management Pros Commanding Competitive Salaries, But with Disparities
The burgeoning field of legal operations has been the source of much discussion on both the buy- and sell-side of the legal market in recent years.
This increased focus on how legal services are delivered is evident in the ascendancy of organizations like the Corporate Legal Operations Consortium (CLOC) and in the shifting focus of conference agendas across the industry, where topics like pricing, project management, and practice management are now mainstays of panel discussions. Read more...
Procurement Earning its Seat at the Table: 2019 Buying Legal Council Legal Procurement Research
According to a recent survey by the international trade organization Buying Legal® Council, with legal procurement’s help, companies save millions. These savings, through cost reductions and cost avoidances translate into significant savings per share for public companies.
Procurement is clearly earning its seat at the table (at least from the CFO’s point of view), as the survey findings suggest that legal procurement professionals were able to save their employers 17.1 percent on average. (Last year saw an average of 14.6 percent in savings due to procurement’s involvement, and the year prior it was 11.4 percent.) To put it in perspective, for a company spending $200 million on outside legal services, this translates into $34.2 million saved. The most successful legal procurement professionals saved their employers 24 percent on average. (In our above case, this would mean $48 million saved.) Read more...