How (and Why) to Introduce Pricing Transparency Into Legal Services
The pandemic downturn, in conjunction with other business trends, demands that CLDs stop writing blank checks for services of indeterminate scope and duration. Here are some ideas for law departments looking to do better.
June 18, 2020 at 10:00 AM
6 minute read
|
Imagine the nice boy at the grocery store loading up the trunk of your car. "How much is all this going to cost?" you ask. "Oh, nobody can say for sure," he says. "But we'll send you an invoice in two or three months, or maybe four. Or five."
If you think about it, this is the reality for corporate law departments (CLDs) when they do not have pricing transparency. Most CLD's do not know how much their peers are paying and, even if they did, that information isn't always useful since it lacks detail and context. In fact, the individual attorneys in most CLD's—the people making the decisions about what to buy and how much—do not have insight into what all the help they are buying is actually costing them, let alone how much it should cost.
That needs to change.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250