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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
CMS Cameron McKenna has launched a marketing campaign to promote its alternative billing structures, which include a ‘pay what you think its worth’ option, to clients.
The firm has sent a document outlining its alternative fees arrangements to 3,500 existing and prospective clients. The alternatives on offer include a fixed rate model, allowing for monthly payments to the firm, and a one-stop option that rewards clients for placing the majority of its work with Camerons.
The document - ‘The future of fees’ - confirmed that Camerons has already agreed a ‘pay us what you think the work is worth’ deal with a client described as “an experienced purchaser of legal services”.
The firm has also offered a major oil client a proposal that would match fees to the price of oil. Meanwhile, a ‘no questions asked’ annual fixed price one-stop deal has been offered to an unnamed power client.
Managing partner Duncan Weston and senior partner Richard Price will visit a selection of clients to discuss the billing options with them. Factors that make clients eligible for lower feesinclude agreeing to have an associate manage large portions of work, agreeing to give Camerons more than a third of all legal work, and being able to supply work across practice groups.
Many of the structures have been in place as options available to Camerons clients for some time, but the document is a sign that the firm is pushing to win new business by offering innovative pricing arrangements.
“We’re communicating to the client about what’s available to them,” said head of new business Damian Taylor.
“It’s part of legal procurement becoming smarter. It’s been a feature of the last year or so that clients say we have to think harder about fees. For some it’s about the rate, and for some it’s about what they get for that rate.”
Taylor was one of the Camerons pricing team that put together the document. Price, managing director of business development Judith Prime and business improvement manager Anthony Widdop complete the line up.