"Remember that these findings are not what clients are saying but what law firms are seeing from clients. That's what makes the survey results about what are law firms doing startling: 47% of the firms surveyed say clients are increasingly demanding budgets and 50% say clients want greater transparency. The same percentage (47%) say clients want more alternative fee arrangements (AFAs). 48% of the firms surveyed say clients want more technology driven efficiencies."
"So in short, clients want more and better budget and financial transparency. But most firms are not giving them that at least consistently. That immediately raises the question, why? Why aren't firms budgeting better, reporting better, and doing more with AFAs, especially when they would get better realizations. Lawyers Are Dumb When It Comes to Running a Business The survey makes clear there is a real opportunity here that lawyers should be seeing and acting on."
Analysis of five years of data plus responses from about 800 senior legal finance professionals in the US and UK included law firms for the first time. Firms report that roughly half of clients seek budgets, greater transparency, AFAs, and technology-driven efficiencies. Fifty-three percent of firms mandate budgets on most matters, while 37% budget only when clients request it. Seventy percent of firms report improved billing realizations when budgets exist, yet only 4% update budgets throughout all matters and around 30% update budgets in 21–40% of matters. AFA use remains moderate.
Read at Above the Law
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