Marci Eisenstein, the managing partner of Schiff Hardin, is among the few law firm leaders willing to be candid about an issue that affected as much as 45 percent of all Big Law revenue last year.

“There is no one in this business who doesn't provide discounts. No one,” Eisenstein says.

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Law firms' standard rates are something akin to the prices at a discount jewelry shop, she adds.

“Have you ever seen something not on sale?” Eisenstein asks. “It makes you wonder what's going on.”