- Thursday, 3 April 2014
A pioneering alternative business structure (ABS) has become one of the first legal practices to introduce employee ownership, while also developing a new form of billing that will see it agree a profit margin with clients, Legal Futures can reveal.
Tags: ABS, Alternative business structures, hourly billing
Posted in Finance, hrtraining, Latest news, Market monitor
- Monday, 14 May 2012
Alternative business structures may well herald the demise of hourly billing as legal practice becomes even more competitive, the Master of the Rolls has predicted. Contingency fees and price comparision websites will also play a role.
Tags: ABS, Alternative business structures, CFAs, contingency fees, fixed fees, hourly billing, price comparison
Posted in Alternative business structures, Latest news
- Thursday, 1 March 2012
Merger and acquisition activity is becoming a far greater strategic priority among the largest law firms, new research has shown – although most still remain wary of alternative business structures. It also highlighted how top firms are being forced to offer fixed fees.
Tags: Alternative business structures, fixed fees, hourly billing, legal process outsourcing, mergers
Posted in Latest news, Market monitor, Outsourcing
- Monday, 20 September 2010
Law firms that fail to embrace “legal process management” will quickly lose out to new competitors, such as accounting firms, legal publishers and businesses fuelled by external investment, Professor Richard Susskind has warned. The legal IT and strategy guru has also criticised the approach of many large firms to making cuts during the recession.
Tags: external investment, hourly billing, legal process outsourcing, Richard Susskind
Posted in Market monitor, News, Outsourcing
Legal education and training is not fit for today, let alone the future, and the approach of the main professional bodies to the need for greater accessibility and flexibility could not have been more different.
Since abolition of the common renewal date, practices have been free to choose when to renew their professional indemnity insurance. We estimate that around 30-40% now renew between March and April.