Law firm bolsters fixed-price services by adding predictable litigation pricing.
NewLaw firm Bespoke has added litigation to its range of fixed-price legal services.
Associate principal Ben Krasnostein said that while litigation is a difficult process to predict, the firm has heavily invested in the processes and mechanisms to be able accurately estimate costs, making the offering viable for the firm.
“We have a system where we draw on previous experience from various litigation matters,” he said. “We analyse and draw on the variables and minutia inherent in these matters. We then create a matrix based on our assessment of the current matter and out of that we’ll derive a price.”
Krasnostein said that not committing to something unrealistic too early is the key, and something the firm learnt from other similar offerings in the market.
He said that while the fixed fee doesn’t include barrister’s fees, many barristers are also happy to provide their services to the client at a fixed cost.
“Even though we can’t fix a barrister’s fee in advance, because we don’t know for example who we would even use, what we are finding is that barristers, and there are more and more of them, who are more than happy to jump on board with us on this offering.”
He said that creating a trusted relationship with a client is important and is largely the reason for the success of the fixed priced services the firm is offering, such as its fixed price M&A service launched earlier this year.
“We found that there’s a lot of traditional bricks and mortar firms out there who provide these services and they charge a fortune. We thought and have found that there is a space in the market for us as very good litigators, to capture clients who aren’t necessarily cost sensitive, but who are fed up with never receiving a bill for a stage of a litigation matter that equates to what was originally estimated.”
Associate principal Ben Krasnostein said that while litigation is a difficult process to predict, the firm has heavily invested in the processes and mechanisms to be able accurately estimate costs, making the offering viable for the firm.
“We have a system where we draw on previous experience from various litigation matters,” he said. “We analyse and draw on the variables and minutia inherent in these matters. We then create a matrix based on our assessment of the current matter and out of that we’ll derive a price.”
Krasnostein said that not committing to something unrealistic too early is the key, and something the firm learnt from other similar offerings in the market.
He said that while the fixed fee doesn’t include barrister’s fees, many barristers are also happy to provide their services to the client at a fixed cost.
“Even though we can’t fix a barrister’s fee in advance, because we don’t know for example who we would even use, what we are finding is that barristers, and there are more and more of them, who are more than happy to jump on board with us on this offering.”
He said that creating a trusted relationship with a client is important and is largely the reason for the success of the fixed priced services the firm is offering, such as its fixed price M&A service launched earlier this year.
“We found that there’s a lot of traditional bricks and mortar firms out there who provide these services and they charge a fortune. We thought and have found that there is a space in the market for us as very good litigators, to capture clients who aren’t necessarily cost sensitive, but who are fed up with never receiving a bill for a stage of a litigation matter that equates to what was originally estimated.”
