Olswang has overhauled its client pricing arrangements as the firm prepares to shift from traditional billing methods.

The UK top 50 firm has developed a pricing menu for clients and aims to eventually use the hourly rate as an exception rather than the rule. Chief executive Kevin Munslow brought in pricing consultants SKP at the end of last year to advise on how the firm could be more transparent in its billing processes.

The firm has initially targeted its top 150 clients but plans to roll the menu out to all clients. It has already signed up six to the new pricing packages and is in talks with another 25.

Olswang has trained all partners on the eight different pricing options the firm has adopted. Alternatives include the payment of a fixed annual or quarterly retainer of around £100,000, which would then knock 50% off the firm's fees for work undertaken in that period. One advertising client has already signed up to this option.

Other options include fixed costs and volume discounts, which have been taken up by a number of clients with large real estate portfolios. There are also variables on the hourly rate, such as a day rate, which has attracted public sector attention.

Munslow said: "We have looked at how to price services to clients and have explored options that give rock-solid certainty. The aim will be to make hourly rates the exception rather than the rule. The trade-off is between guaranteed volume for guaranteed fixed price to engineer a deal for clients that won't cost the firm its margin."