With the rise of alternative billing models and increasing client concern on fee management and predictability, fixed fees are becoming more popular.
With this rise in popularity comes concerns, however. We recently came across Five Questions about Fixed Fees You’re Afraid to Ask and think it does a nice job breaking down some of the questions and concerns we’ve heard.
In our opinion, if you’re thinking of delving into fixed fees, practice and time-keeping software like Online Legal Software is critical. Setting fixed fees (and not taking a bath) requires data; data on how much time you can expect to spend on matters (or parts thereof) and time-keeping software puts this data in reach and allows you to make the best possible decisions to give both clients the certainly they want and you the financial logic you want.