One of the most surprising take-outs from this year’s Altman Weil ‘Law Firms in Transition 2020‘ report is how little full freight fee collection is happening.
Keeping in mind that the collectable information in the report would have occurred pre-COVID, it is absolutely amazing to me that 98.7% of all hourly rates fees are now at “discounted hourly rates“.
To be fair, the term “discounted rates” is not defined and most law firms would argue – in this day and age – that they rarely get full freight rack-rate.
But it does make me wonder, if only 1.3% of your firm’s hourly rate legal fees are not discounted…
If becoming more progressive about how your firm prices is of interest to you then right now is the time to start thinking about this; because if all you are getting is 1.3% of your hourly rate fully realised…
…it’s time to start thinking outside the hourly rate pricing box!
As always, the above just represent my own thoughts and always interested to hear the views of others.