Hourly Billing Still King Among In-House Departments
Law360 (June 25, 2019, 10:05 PM EDT) -- Hourly rates are by far the most common type of fee structure used by corporate legal departments when employing law firms, according to a benchmark report released Tuesday by the Association of Corporate Counsel and legal search firm Major Lindsey & Africa.
Just over two-thirds of the legal departments surveyed hire law firms using either standard hourly rates or discounted hourly rates, followed by nearly 45% that use flat fees and 31% that cap the fees, according to the Global Legal Department Benchmarking Report.
Yet while the traditional hourly rate continues to reign supreme, legal departments at companies are also increasingly...
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