article thumbnail

Ethical Considerations for Flat Fee Billing

Attorney at Work

This model is typically used when the anticipated work is predictable, such as simple estate planning, uncontested divorce and personal bankruptcy. In a flat-fee arrangement, also known as fixed pricing, the client pays a set amount at the beginning of the matter to cover the agreed-on work. 91-2 & Formal Advisory Opinion No.

article thumbnail

What is LEDES Billing? A Guide for Lawyers

Clio

2008: LEDES XML updates to LEDES XML 2.0 The American Bar Association provides a comprehensive list of UTBMS codes that legal professionals can download, including: Expense codes Litigation codes Bankruptcy codes The benefits of LEDES billing Understandably, global billing standards benefit the legal industry as a whole.

Lawyer 59
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Thomson Reuters’ Message to Law Firms: Adapt to Market Changes or Become the Pan Am of Legal

Above the Law - Technology

Over the past year, it finds, “the rates clients agreed to pay law firms for new matters grew by more than 6%, with every segment of law firms seeing aggressive increases in worked rates on par with the pace seen prior to the Great Financial Crisis of 2008-’11.”

Law firm 209
article thumbnail

Thomson Reuters’ Message to Law Firms: Adapt to Market Changes or Become the Pan Am of Legal

Legal Tech Monitor

Over the past year, it finds, “the rates clients agreed to pay law firms for new matters grew by more than 6%, with every segment of law firms seeing aggressive increases in worked rates on par with the pace seen prior to the Great Financial Crisis of 2008-’11.”