BigLaw Managing Partner Predicts the Future; Cost Control is Key
Even in challenging economic times, there is a need for expert legal services. But clients are increasingly eager to avoid unpleasant surprises, says the U.K. managing partner of a major London-based international firm.
“As always, quality of service and technical expertise is absolutely paramount as are productivity and accountability,” Bryan Hughes of Eversheds tells Metropolitan Corporate Counsel. “More than ever, clients value peace of mind that their projects are delivering desired outcomes on time and on budget.”
In a lengthy interview reported in the magazine’s May issue, Hughes credits his firm’s investment in “the best people and systems” as major factors in the firm’s success. Eversheds recently spent some $20 million implementing a legal project management system that helps the firm predict costs, offer clients “firm cost estimates prior to every instruction,” and manage its ongoing work, he says. The firm has separate automated timekeeping systems for corporate and litigation matters, and, although much of its work requires considerable expertise, Eversheds recognizes the need not to staff projects at a level above and beyond what is actually needed, Hughes states.
Meanwhile, he indicates, unhappiness about charging by the billable hour may portend change at some point down the road—but likely not in the foreseeable future.
A survey conducted by Eversheds “highlighted the ambivalence lawyers and their clients have to the hourly rate,” he says. “While most partners (82 percent) and clients (86 percent) believe the hourly rate will be alive and well in 10 years time, most acknowledged that it was not the most advantageous billing process for clients. A third of clients (32 percent), in turn, expressed their deep dislike for the billable hour.”
