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Firms Predict Price Wars, Alternative Billing Here To Stay

Law360, New York (May 17, 2012, 5:06 PM EDT) -- Law firm leaders expect post-recession trends like price competition and increased use of nonhourly billing rates to become permanent fixtures, reflecting a marked change in their economic outlook on the legal marketplace since the financial crisis in 2009, legal consultant Altman Weil Inc. said Wednesday.

Nearly 92 percent of some 238 law firms that responded to an Altman Weil survey earlier this year said price competition would be a permanent trend, while 80 percent indicated the same for nonhourly billing, according to the consultant.

The shifts represent a roughly 50 percent increase from the responses on those same trends in the...

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