A revelation in the revolution – one Biglaw firm has begun aggressively value pricing AT THE HIGHEST VALUE END.
Holland & Knight is now actively encouraging their top attorneys to offer clients a variety of pricing options – and giving them latitude in how they do it – and leaving traditional hourly rate structures in the dust. This from a firm that, less than a year ago, was requiring its top attorneys to actually increase their hourly rates, and was resisting alternative pricing. Today they are open to essentially allowing attorneys to make deals with clients, to preserve the relationship and build new ones.
And even more interestingly, H&K is currently one of the financially healthiest firms out there, with almost no long-term debt and little short-term debt. Admittedly they have made some tight – and realistic – decisions on draws and compensation (The anti-Dewey approach), but clearly they’re doing their best to stay ahead of, or at least on, the curve.
Kudos to a Biglaw firm that has decided to lead rather than grudgingly trying to hold the line. But a warning shot over the bow of boutiques who have been the innovators.