Friday, September 10, 2010

Replace Billable Hour Debate with Value Discussion

Cooley, LLP, Wilson Sonsini Goodrich & Rosati LLP, DLA Piper LLP, and Venable LLP have discovered an effective way to shift attention from the billiable hour debate to the delivery of substantive value for clients, in an article titled "Law Firms Offer Discounts, Play Matchmaker," published in the Wall Street Journal on 9/9/10.

An earlier blog column this week referenced the never-ending attention paid to hourly rates, and the WSJ articles gives insight on legal marketing strategies that effectively target client needs, in this case entrepreneurial start-ups.

Wednesday, September 08, 2010

Another Day, Another Law Firm Rate Survey

Partner rates increased an average of 8.6% while mid-level and senior associate rates went up over 11% from 2007-2009, according to a Wall Street Journal blog article on a new survey by CT TyMetrix and the Corporate Executive Board.

These numbers are somewhat in conflict with the recent ALM Law Firm Economics Survey covered in this column last week, which reported that hourly rates dropped from 2007 to 2008 before regaining some ground in 2009.

As any legal marketing expert knows, it is always wise to steer the conversation away from how much something costs to the value delivered to the client. The return to the client - in terms of litigation avoidance, competitive product advantages, or financially favorable contract terms - deserves much more attention in this equation.