Fixed Fee Pricing
What is Fixed Fee Pricing?
Bowen Buchbinder Vilensky (“BBV”) is the first significant law firm in Perth to adopt fixed fee pricing. In so doing, we are helping shape the future of the legal profession into one that is more client-focused, efficient, and outcome orientated.
Unlike most law firms, we do not bill by the hour. Experience tells us that clients dislike the hourly rates regime which most lawyers still use, and prefer the certainty of fixed fees.
After you meet with a lawyer from our firm, you are provided with a no obligation fixed fee proposal. Once accepted, you know exactly what charges to expect, and importantly, when you need to pay those charges so you can budget accordingly.
The fixed fee is not an estimate, and there are no hidden charges. The fixed fee also includes all incidental expenses such as telephone calls, postage charges, printing and copying.
How you benefit from Fixed Fee Pricing
Greater certainty and peace of mind: The fear of unknown and potentially escalating legal costs is a source of anxiety to many clients. But you don’t have to effectively write a blank cheque for legal advice. With fixed fee billing, there are no unpleasant billing surprises.
Better communication: No-one likes to be charged separately for every phone call and email communication. Fixed fees improve communication because you don’t have to worry about contacting us when you have important questions about a particular course of action. Sometimes the information that comes to light in such conversations can really help us with your case.
Greater efficiency: Billing by the hour is a major disincentive to efficiency and effective work. Fixed fees encourage us to put systems in place to complete your work as efficiently as possible but without compromising effectiveness or quality.
Fairer: If we take longer to do things, or have to assign more lawyers to a matter than we first thought, you shouldn’t have to pay for it. With fixed fees, we don’t ask you to.
More talent: BBV only arrives at a fixed fee for each case after it has been discussed by a Pricing Committee. It is the function of the Pricing Committee to understand the requirements of each case, to discuss strategy and to share relevant experience. Lawyers don’t usually consult widely with their colleagues especially in the very early stages of a case. But at BBV we have discovered that this consultation process yields very significant benefits for clients.
How we decide on a Fixed Fee
In setting a fixed fee we take into account factors such as:
- How unique and complex are the legal issues
- What knowledge, skills are experience are required
- Which lawyers will be assigned to the case
- What outcomes are you seeking and the difficulty of achieving them
- What is in dispute and what is at stake
- What risks are involved – both for you and us
- What will the case demand in terms of meetings, documentation, and communication of all kinds
- How urgent is your case compared with other work we are already handling
What's in the Fixed Fee Agreement?
Our Fixed Fee Agreement explains:
- What work will be done
- Who will do it
- When it will be done
- What benefit we plan to deliver from our work
- How much it will cost
- What work, if any, is excluded from the scoped work; and
- How we wish to be paid – typically, staged instalments.
Fixed Fee pricing delivers:
- Transparency and openness
- Fairer fees
- The ability to budget
- Greater financial certainty and peace of mind
- More open communication with your lawyer(s)
- Improved efficiency
- More legal minds focused on your case