Published March 2014
Maintaining both competitiveness and profitability while pricing requires law firms to tread an ever-finer line in today’s legal profession. Latin Lawyer’s annual survey of Latin American law firm fees and pricing strategy provides data and analysis to benchmark your firm in this area.
Latin Lawyer’s fourth annual fee survey generated more interest than ever – suggesting that pricing strategies are at the forefront of law firm leaders’ minds. Rosie Cresswell reports on rates around the region and the pressure to provide alternative fee solutions
Nowadays, the final bill presented to a client is rarely a straightforward tally of hours completed by the team multiplied by the lawyers’ rates, but the hourly rate is still used as a starting point for costing and negotiating. It also offers a benchmark to examine fees across the region – not least because the complex way in which they are set makes direct comparisons so difficult.
Without making serious investments in pricing software, making the fixed fee profitable is no easy feat – even for those with a head for figures. We consider the steps towards devising an effective pricing strategy