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Bupa: Paul Newton

Mr. Newton raises an excellent point. Without being too self-serving, I might point out that smaller firms offer valuable advice at much lower prices. Our problem is that larger clients do not even look at us, let alone look for us. This is understandable because of the externalities of doing so: How do you filter the numerous potential small firm "applicants?" Moreover, it increases the administrative load. One approach is to have panel reviews include several boutique firms. We (and other boutique firms) have been the beneficiary because our savings are between 45 and 70% of the hourly rates and total bill and because we tend to move more rapidly into "cutting edge" areas of law (e.g., mobile technology, biotech, etc.).

3-Apr-2009

6:36 am