Mayer Brown and Reed Smith to Roll Out Fixed-Fee Plans for Corporate Clients
In what may be a signpost to the future for other BigLaw firms, two major legal partnerships are planning to implement fixed-fee payment structures for corporate clients.
Mayer Brown is working on a plan to offer fixed fees for all transactional work, and Reed Smith has set up a committee to develop a plan to increase the use of fixed and capped fees in transactional matters, reports Legal Week.
The changes are in response to client demand for more value and certainty concerning legal bills, which has been exacerbated by the global ecoomic troubles of the past year.
“If we are to build our client relationships, we have to develop pricing structures which meet these priorities,” says executive partner Jeremy Clay of Mayer Brown. “There seems little doubt this type of pricing is an important factor when getting and developing new client relationships.”
Related coverage:
ABAJournal.com: “O’Melveny Aims to Become Fixed-Fee Leader, Leaked Plan Says”
