India Business Law Journal’s third annual survey of legal billing finds Indian law firms increasingly willing to disclose their fees
Following the success of its inaugural billing rates survey in 2007, which was widely lauded despite initial controversy, India Business Law Journal has offered Indian law firms a third opportunity to demonstrate their commitment to best-practice management and transparency by publishing their fee structures.
Although clients agree that cost is not always the primary factor where legal advice is concerned, many strongly advocate the disclosure of billing rates, saying it will aid domestic and international clients in understanding what are typically perceived as confusing and opaque fee structures.
“[The survey is] useful for general comparative purposes. Also because we usually get ‘preferred client’ rates, it would be nice to know whether these are bona fide reductions,” says Alexander Shaik, general counsel at ADM Capital.
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