In the first of a three-part series, we survey the expanded
options for pricing legal services that have emerged over the last
decade for clients in the market generally, and at Stikeman
Elliott. The second post in the series will focus
on how clients choose among different available pricing models in
different circumstances.
In the wake of the 2008 crash, legal fees came under the
microscope around the globe, and a new mindset towards pricing
legal services emerged. A decade ago, the Association of Corporate
Counsel launched the “ACC Value Challenge” to promote
alternative fee arrangements and “value-based billing”
divorced from hourly rates. Over the same period, the rise of legal
technologies created new opportunities for automating services
which don’t fit well in an hourly billing model.
