An astonishing 67 per cent of in-house counsel believe that hourly rates are outdated, according to the latest findings from The Lawyer’s groundbreaking survey of the legal profession, compiled by polling company YouGov.
The solution, according to 68 per cent of in-house lawyers polled by YouGov, is project-based billing.
AOL Europe general counsel Tony Wales told The Lawyer: “Most general counsel would like to move to project-based billing.
With this approach you can give your finance director a more useful and accurate projection of anticipated legal spend.”
The survey also revealed that 69 per cent of in-house counsel have experienced law firms padding their bills. An overwhelming 95 per cent of in-housers who expressed an opinion agreed that chargeable hours targets encourage padding.