Research Reports

Product ID: 3889

As a result of the economic turbulence of 2009, many law firms are experiencing significant changes in how their fee and billing practices are being conducted.

Companies like Pfizer and Cisco Systems are reducing their annual legal budgets and abandoning billable hours in favor of alternative pricing structures.

Now, lawyers in firms of all sizes must not only manage the bottom line but also adapt their billing techniques to new and challenging realities.

With IOMA’s Research Report on Law Firm Fees and Billing , you’ll get the survey data and analysis you need to be proactive and responsive to your clients’ changing needs and expectations.

Based on exclusive results from LOMAR’s annual survey of law firms, this report reveals many key statistics, such as:

• Billing rates averaged $470 for law firm partners, $299 for associates, and $157 for legal assistants.
• Even though firms reported fairly high billing realization rates—an average of 89.5%—many respondents predicted that next year’s realization rates will decline.
• In 2009, firms’ use of fixed or flat fees had increased by 4.2%.
• 73.3% of firms with more than 250 employees had negotiated more alternative fee arrangements during the first half of 2009 then in the previous year.
• Despite any dips in their own profits, 61.1% of the law firms surveyed did not charge their clients late fees.
• And much more.

Shore up your firm’s processes by comparing your performance to that of your peers in firms across the country, with this exclusive resource prepared by the editor of the well-regarded monthly newsletter, Law Office Management & Administration Report.

To review this report's Table of Contents and Introduction, click here.

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