Flat Fee Frenzy
Ethos Business Law was founded on the vision that there is a different and better way to provide legal services. A way that is more in line with clients’ needs and a way that is more efficient and effective. One piece of that vision is the flat fee.
Recently, there have been various articles on this topic (see here and here for a couple examples). In fact, one of these articles goes so far as to say “[t]he conventional ideas for changing the way law firms do business are . . . insipid and inadequate.”
I firmly believe that the business of practicing law needs a complete overhaul. The legal profession has followed the same business model for too long. Business continues to evolve and legal services must maintain pace, if not excel. This cannot be accomplished by a simple pledge to consider an alternative fee structure. A business built on a specific business model cannot just change one aspect of the model (e.g., pricing) and expect a difference. Instead, the business must be flipped on its head and re-engineered from the ground up. Law firms are no exception. Think about this next time you contact your attorney and ask them to consider an alternative engagement structure. Are they simply changing a few business practices to follow the wave of change, or have they re-invented their business model to lead into a different economy and different world.
Your thoughts any comments are appreciated.