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A new industrial report was released which has stated that the clients are increasingly demanding for a financial transparency and certainty across their engagements with law firms, that are looking to alleviate their cost pressures in the light of current economic uncertainty. Almost most of the law firm respondents have reported an increase in the demand for alternative fee arrangements. BigHand has collected responses for over 800 senior legal finance heads, managing partners, legal project management and finance leaders from law firm for over 100+ lawyers in the UK and North America.
The report specified certain points, which are-
Half of the Firms have reported an increase in the demand of real-time financial updates for matters.
Only 1.5% of firms from North America and 3.2% from the UK firms provide updates on every matter.
Around 46% of the firms confirm a rise in the demand for AFAs this year.
Profitability data remains available to just 22% of North America, 19% of the UK Partners, and 17% of North America with 20% of Associates from the UK.
Around 70% of North America and 67% of the firms from the UK plan to invest in budgeting tools to help with financial planning and forecasting in the next two years and 72% of North America, and 66% of the UK firms plan to invest in legal pricing solutions.
The report shows an increase in issues firms face with evolving client expectations for greater matter visibility and flexible pricing.
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