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Magic circle defies downturn as top billers bump up hourly rates

Billing: Acceptable For Clients? I have been associated with the legal sector for 20 years and the same model for billing - with some variations - still prevails. With the current crisis unfolding with, as yet, undetermined consequences for clients ability to pay, it is incumbent for law firms to be more responsive as to how they are going to bill for their time and still make a profitable return. They had better get their thinking caps on very quickly, as the economic situation is going to look very different in another six to nine months. The pressure will come primarily from clients and more innovative, flexible firms some of whom could well be domiciled overseas. Be warned.

14-Oct-2008

9:00 am