Law firms and in-house counsel are light years apart on the role of the billable hour, but the two groups still find some encouraging common ground on pricing models.
A new survey by iManage and Above the Law asked law firms and corporate law departments which arrangements would better drive alignment between the two groups.
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Private practice lawyers were more than five times as likely as their in-house counterparts to choose hourly billing, while in-house counsel were more than twice as likely to choose value-based or outcome-driven pricing.
Other models, however, had the two groups more aligned.
“Perhaps negotiating a blended model that combines alternative fee arrangements and hourly rates is where the two groups can ultimately come together,” the report says.
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Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.