Niche IP firm iLaw has launched an offensive on City IP practices with a new initiative whereby clients dictate the fees they pay.
The firm wants to lure top clients away from firms charging between £400 and £700 an hour for a partner’s time by allowing the client to pay what they think the matter is worth in a lump sum.
Partner Justin Ellis said: “We’re generally trying to be a bit different to the humdrum legal market. “To people who are using firms of that sort of cost, we’re saying, ‘name your price’.”
The firm will agree a set price with clients at the start of any transaction work. In litigation, the firm is willing to accept a percentage of any settlement.
Ellis said: “Obviously if they came in with a ridiculous offer we’d be inclined not to accept the work.”
iLaw was set up last September by three partners from Osborne Clarke and DMH Stallard to focus on IP and IT matters. Outsourcing partner Bobby Gill joined from Osborne Clarke with litigation specialist Mark Culbert, with IP partner Justin Ellis joining from DMH Stallard.
The firm’s client list includes Vodafone, Domino’s Pizza and healthcare service provider Mercury Health.