Six steps to save on your legal bill
Businesses often try to keep their legal costs down by trying to get the lowest hourly rate.
Businesses often try to keep their legal bill down by trying to get the lowest hourly rate.
We think that’s too simplistic.
After all, if someone is twice as efficient as their colleagues and can do the same work in half the hours wouldn’t it make sense to pay them twice the hourly rate?
We think a more effective way to minimise costs is to eliminate waste. And one of the best ways to do that is to minimise touch points. A touchpoint happens when two or more fee earners engage with one another and simultaneously charge for their time. Usually as a matter is passed from partner to lawyer to paralegal and then back up again.
As the graphic below demonstrates touch points are costly…..
This is the effect of multiple fees on touchpoints
In other words, the cost to you of having all four levels of legal adviser in one meeting is a whopping $1,850 an hour, or $30 a minute!
So here’s how to eliminate unnecessary touch points in six steps.