Another round of associate salary and bonus increases will lead inevitably to increases in rates charged to clients, even for those clients who enjoy a close relationship (i.e. spend significantly) with their firms. While alternative fee arrangements continue their slow growth, too many base their pricing on hourly rates (rather than value) and suffer the same increases over time. There is another way (or, actually, quite a few other ways). Some projects indeed require specialized $1,500/hour advice or the presence of that “one” trial attorney who’ll make the other side think twice, but most don’t. Contract attorneys are no longer simply for family leave cover. They are some of the industry’s leading attorneys who have elected to undertake a portfolio career, blending the variety of law firm work with the depth of business connection that a law department brings. Elevate can help source the right attorney for a matter, or put together a team of attorneys of varying experience and expertise, to get your project completed for a fraction of the cost of a traditional law firm.
“…[Corporate Legal Departments] will employ a host of strategies to substitute, reduce, and limit cost increases, if possible…”