Until recently, a lot of conversations around the pricing of legal services have felt a little circular. Clients say they are sick of the billable hour. Law firms say that in practice, clients keep deferring back to it as it is a unit of measurement they can both measure cost reductions against. AI has brought a new sense of urgency to the discussion. In RSGI’s recent study with Harvey, 61% of firms said they had proactively approached clients to offer new pricing models, but only 4% of in-house teams in the study said they had received the same. Something about the conversation firms are having is not landing. There are however, examples of both law firms and clients taking bold new approaches. While there is still a lot of uncertainty, these examples show where we may be headed.
In the July/August Orange Rag, Tom Saunders looks at AI pricing conversations, and examples of both law firms and clients taking a bold approach. Are relationships more, not less, important than ever? With observations from senior leaders at Revolut and Ashurst Perkins Coie.
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Read the rest of the article in the latest edition of the Orange Rag HERE