Dear Sir,
The Intelligence report on Indian law firms’ billing rates published in the October issue of India Business Law Journal is a good initiative. It provides corporate clients looking for good quality advice with transparency in the billing practices of leading Indian law firms.
India Business Law Journal has done a great thing by undertaking this survey. It not only addresses the issue of transparency in law firm billing structures, but also touches upon other concerns that corporate clients face when selecting the services of a law firm.
Your report has been innovatively structured to address the concerns of both legal practitioners and their clients.
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The law firms that participated in the revelation of their billing rates and fee structures will assist corporates in arriving at a decision to retain a law firm. Such transparency will give the clients important information about the law firm and will help them in making more informed decisions.
There is no doubt that good quality advice is the key concern of a corporate client. However, competitive and transparent fees is also significant when considering the services of a law firm.
Apart from the broad range of services that a law firm provides, a greater level of disclosure of a firm’s billing rates and fee structure also helps by providing more clarity to clients that are looking for a firm that suits them in terms of cost. For most corporations cost is a very significant deciding factor.
Likewise, disclosing their billing rates works to the advantage of law firms as it helps them to attract clients.
Sumes Dewan
Partner
KR Chawla & Co
New Delhi
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