Law firms and in-house counsel differ significantly on billing preferences, with private practice lawyers favoring hourly billing while in-house counsel prefer value-based pricing. A survey revealed that private practice lawyers are over five times more likely to choose hourly rates compared to in-house counterparts who are twice as likely to opt for alternative pricing models. Despite the disparity, there is potential for collaboration through blended pricing models that combine hourly rates with alternative fee arrangements, which may create common ground between the two groups.
Private practice lawyers were more than five times as likely as their in-house counterparts to choose hourly billing, while in-house counsel were more than twice as likely to choose value-based or outcome-driven pricing.
Negotiating a blended model that combines alternative fee arrangements and hourly rates may provide a solution for law firms and in-house counsel, allowing for better alignment.
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