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All posts tagged Fees

December is a busy month for most law firms. In addition to the holidays and hectic schedules, it is budget and collection season for most firms, and everyone at the firm is laser-focused on closing out the year. Tensions are high, hours are long and conversations can be uncomfortable. Lawyers are pressed daily to collect […]

Wicker Park Group will periodically revisit some of our most popular blog posts. This post, one of the most read in the first half of 2017, was originally posted in January. Howard Schultz recently announced he is stepping down from his role as CEO and Chair of Starbucks to focus on the company’s plans to build high-end […]

The following article, written by Susan Kostal, was posted June 1 as part of JD Supra’s Perspectives series. I’ve attended many panels where in-house counsel share their likes and dislikes, but in the last year the tone has changed. In-house attorneys are increasingly dissatisfied, they tell us, because they can’t have the kind of conversations they […]

An IT lawyer recently made a striking observation to me. He works in the flat-screen TV industry and noted that a flat-screen TV from twenty years ago could cost $20,000 or more and lacked much of today’s technology. But every year, the technology has gotten better as the cost has declined. You can now buy […]

Howard Schultz recently announced he is stepping down from his role as CEO and Chair of Starbucks to focus on the company’s plans to build high-end coffee shops that charge as much as $12 per cup of coffee. That makes me think of the top end of the lawyer’s hourly billable rate. The $2,000 hour […]

Many law firms understand how to meet their client’s biggest and most obvious client service preferences. We’ve all laughed about (and learned from) the story of the firm that FedExed its RFP response to UPS and was summarily dismissed from the process as well as the firm that forgot to remove competitor products from the […]

Wicker Park Group recently had the opportunity to speak with Doug Luftman, the Chief Innovation Officer and General Counsel at Lecorpio. He shared insights on what GCs are looking for from outside counsel and how to develop and strengthen those relationships. Luftman said, “The most valuable thing is outside counsel being savvy about my business and having true […]

In the past month, I have moderated multiple in-house counsel panels (both in public forums and at private law firm retreats), interviewed more than a dozen in-house counsel and led client service workshops at law firms. In every instance, I was struck by the widening gap between what clients want from their outside counsel and […]

How to Lose a Client

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We will periodically revisit some of Wicker Park Group’s most popular blog posts. This one, from October 2015, was one of last year’s most read posts. After twenty years as general counsel of a financial institution and a large medical center, I have heard plenty of complaints from our executives about working with outside counsel. In […]

Every Saturday morning, five baby boomers including myself join together for a 4- to 5-mile run. We’re not fast, but we are committed and make it whenever we can. Four of us work in legal: one is a solo practitioner, two work in different mid-size firms and me (the token business development consultant). Bob, the […]

Wayne Gretzky is famous for being one of the greatest hockey players in history. He is also known for inspiring thousands with his quotes. One of my favorite Gretzky quotes is: “I skate to where the puck is going to be, not to where it has been.” It is simple but incredibly powerful and exactly […]

I recently conducted an interview that reminded me of one of my favorite client feedback interview experiences and the importance of knowing your clients’ legal budgets. As part of the interview process, we always conduct a prep interview with the relationship lawyer and key individuals working with the client. We ask about the history of […]

Unsurprisingly, no law firm has had the courage in recent weeks to say, “In light of the unjustified first-year associate salary increases, we are reducing first-year base compensation by $10,000 to better align our business with our clients’ ongoing economic reality and invest in our client relationships.” There is no value to your clients in […]

Alternative fee arrangements (AFAs) are often studied, often debated and only sometimes tried. But with clients becoming more sophisticated in their choice of outside counsel and use of fee arrangements, you need to be prepared to answer this question: “Can we use an alternative fee arrangement rather than hourly billing in the matter your firm […]

In early December, I was talking to a law firm senior associate about his successes for the year and goal setting for next year and made the obvious comment about the rush to get in hours for the year. He responded, “Oh, I hit my hours last month so now I can coast.” I don’t […]

The following was posted October 26 by Lindsay Griffiths on her blog, Zen and the Art of Legal Networking. Griffiths is the International Lawyers Network’s Director of Global Relationship Management.   If you’re a regular reader of Zen, you’ll know that I love in-house counsel panels. During the recent Legal Marketing Association’s Technology Conference, we had one […]

How to Lose a Client

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After twenty years as general counsel of a financial institution and a large medical center, I have heard plenty of complaints from our executives about working with outside counsel. In my opinion, some complaints were justified and some were not. Here is a list of the most common (justified) complaints I heard over those two […]

Interview with Sarah Rosen, Associate Legal Counsel Union Square Hospitality Group Union Square Hospitality Group, founded by Danny Meyer, is the parent company to some of New York City’s most beloved restaurants, including Union Square Cafe, Gramercy Tavern, Blue Smoke and Shake Shack. The company also includes Union Square Events, a catering and events business, and […]

Interview with Joni Lee Gaudes, Vice President, General Counsel & Co-Head of Internal Control FCTI, Inc. FCTI, Inc. is a leading nationwide ATM network and service provider. Since 1993, it has deployed customized ATM solutions to America’s largest financial institutions, travel centers and retailers. The Los Angeles-based company is owned by Seven Bank, LTD and operates in […]

Value is very important to clients, but they do not always understand the bigger picture of your value when looking at a bill. Instead of just providing a bill, you can easily offer your clients some perspective that clearly illustrates the value of your legal services. In any transactional work, when the client asks what […]

Interview with James Koutras, Senior Corporate Counsel & Secretary Cristal USA Inc. Cristal USA Inc. is a Hunt Valley, Maryland-based manufacturer of titanium dioxide. The company has operations in Illinois, Maryland and Ohio. The parent company, Cristal, operates on five continents and is one of the largest producers of titanium dioxide and a leading producer […]

Client Q&A: Joe Benage

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Interview with Joe Benage, Vice President, Insurer and Employer Services Quest Diagnostics Quest Diagnostics provides crucial diagnostic information that supports and enhances decisions people make to improve patients’ health. The company offers a wide range of products and services that benefit patients, healthcare providers, pharmaceutical medical device companies, life insurance companies and employers.   Q: In […]

For those firms that have not yet notified their clients of their intentions to increase rates after the first of the year, it’s already too late. Not every company budgets on a calendar year annual basis, but for those that do, that process is nearly complete by mid-October. In-house counsel typically draft budgets in September, […]

Lindsay Griffiths, the Director of Global Relationship Management with the International Lawyers Network, has a great write-up of a panel discussion on project management, fee arrangements and what law firms need to do to serve their clients’ needs in a relatively fast-moving landscape. The panel was held in April at the Legal Marketing Association annual […]

While there continues to be much debate about the impact of the ACC’s Value Challenge in the U.S. market, there is no doubt that demonstrating value in key client relationships with law firms (and all clients for that matter) is critical. The Association of Corporate Counsel has announced that they are expanding the Value Challenge to Europe and created […]

This new video from RethinkLaw perfectly captures the state of the Legal industry and the ongoing and evolving shift in the client/law firm relationship.

In today’s Wall Street Journal in an article titled Top Lawyers Push Rates Above $1,000 an Hour(subscription required) the author leads the article by noting a “significant increase” in rates from previous years and that the lawyers are “taking advantage of big clients’ willingness to pay top dollar for certain types of services.” What? Taking advantage […]

Reed Smith will undoubtedly hit $1 billion in revenue in 2011, according totoday’s Am Law Daily. The legal publication has been reporting big numbers all week, but why isn’t there an uproar over this news, like we have seen as a result of the big banks and CEO bonuses?  Big league New York firms are reporting record profits, with […]

In recent conversations with several in-house counsel, most are (unsurprisingly) revealing that they are freezing rates paid to counsel in 2009. What’s interesting is two-fold: 1. Many are not proactively notifying their outside counsel, but rather waiting to see if their outside counsel will actually raise rates in 2009, and notify them of the increase […]

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