Firm moves away from hourly billing with pricing menu for clients

Olswang has rolled out an alternative pricing menu across its entire client base, as the firm continues to move away from traditional hourly billing rates.

The firm has issued all clients with a menu of eight alternative billing options, with the intention of moving away from hourly rates where possible.

The move comes after the firm devised the pricing menu in May last year, initially targeting its top 150 clients.

The menu offers clients eight different rate options, including fixed fees for standard matters; value-based billing; annual retainers for day-to-day advice; volume discounts; and discounts for clients if they instruct the firm in new areas.

The remaining options allow clients to opt for agreed daily rates; agreed provision of value-added services; and agreed fixed annual retainers for all work, which would give clients a full-service price for all legal work.

Olswang chief executive David Stewart (pictured) said most clients had now used some options from the menu, with fixed fees for specific jobs proving the most popular.

He commented: "We have now rolled out our alternative pricing menu across the firm following its launch last year. We have found our clients to be very receptive to the model and all options have had some take-up, with a combination of options used in some cases.

"We want to ensure that we are constantly developing as a firm and, with pricing such a key issue in recent times, we felt it was appropriate to respond to this with an evolved and flexible model that goes beyond the standard options in the market."

The fixed retainer option will be reviewed regularly to ensure that it is fair to both the client and the firm.