What makes a successful law firm? Or a winning in-house counsel? The legal profession enlists the country’s brightest minds and, by its nature, often engages these minds in intense competition not seen in many other professions. This issue, we talk to law firms and in-house counsel about everything from the secrets to their success, to their business strategies, and how they structure fee models for clients.
To control costs, more companies are adopting reverse auctions to pick their legal providers. Some law firms are making every effort to win bids at ever lower prices, while others are choosing to stay out of a low-price competitive spiral, believing that low-cost offers are market killers in the long run and, more importantly, irresponsible to their clients.
Our cover story, Tight times, features our annual report on Chinese legal service fees, with a table of 30 law firms’ billing rates included. In the report, managing partners from law firms of all sizes reveal how they adjust their billing strategies to do business in what is a buyer’s market, while general counsel share what legal services they are willing to pay for, and what qualities they look for in their external legal representatives. The report is a must read for anyone with an interest in China’s legal services market.