This blog draws on our extensive experience and it also references a 2012 published interview with Susan Hackett, former Senior VP and General Counsel of the American Association of Corporate Counsel, in which she was asked, “What do you do when your client asks you to cut your fees?”
What Are They Really Asking For?
A couple of weeks ago, a partner in a large London City firm we have been working intensively with, recounted a discussion with a client about a very small job he had been asked to do by the client relationship partner. The conversation with the client went something like this; “How much will this cost?” “You are looking at £2,000 to £4,000”. “You’ve got to be joking, that much!” “Okay, if you don’t like that, how about a fixed fee of £5,000?” “That sounds good, let’s go with that”.
What on earth just happened? If £2,000 to £4,000 was unacceptably high, why was £5,000 going to do the trick? Read more....
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