Projects demand budgetary certainty.
Few clients remain willing to accept the tyranny of the billable hour and the open-ended cost that such a fee structure entails.
We far prefer to engage directly and openly, to understand client requirements and budget imperatives, scope the required work as accurately and with as much detail as reasonably possible, in order to craft bespoke fee arrangements that address the need for certainty, predictability, and value.
Typically, the fee arrangements we agree with clients for our work fall into three main categories, depending on the particular circumstances and client exigencies.
Where work can be scoped with a high degree of accuracy with the minimum of assumptions, a fixed fee is set for the services to be rendered. The fee is payable on delivery of the services, in accordance with pre-agreed milestones.
Where the work scope is less defined, but still reasonably accurate, a cap is set on the fees to be charged for the services to be rendered. The work scope is made subject to a clear set of agreed assumptions. Fees are paid in accordance with set milestones, but against invoices with very detailed narratives. The narratives record the precise extent of the work delivered and the balance of fee capacity remaining under the cap. Importantly, the client enjoys the benefit of the unused portion of the cap.
Where the work required cannot be scoped with any certainty, a retainer is agreed whereby the client is afforded a certain segment of service time over a defined period, on a 'use-it-or-lose-it' basis. The client may decide when and where to utilise the facility, having the certainty and comfort of service availability within the parameters of the retainer. Very detailed narratives are provided, which record the precise extent of the work delivered over the retainer period.
We remain happy to agree hourly rates where none of the above arrangements are appropriate, or the client so requires.
We like to believe that we deliver service of a 'magic circle' law firm quality at an exceptionally reasonable cost.
We undertake our work with the best possible expedition and efficiency.
We firmly believe in not 're-inventing the wheel' where we have undertaken similar work before and accordingly possess robust and 'bankable' precedents, thereby enhancing efficiency and cost-effectiveness.
We firmly believe in fair value for work done. Our fee arrangements seek to achieve this. Accordingly, we do not seek to claim 'success fees' upon the successful conclusion of a project. The object of our services is to help the client achieve success. In our working as such, we believe the client obtains the value of our services as reasonably expected from the outset.