5. Rethink your billing model
    
    
    
    
    
    
  
    
  
    
  
    
  
    With bill rates rising by 4–7% annually, corporate clients are pushing back and demanding more value for their legal spend. Traditional hourly billing may no longer be enough to meet evolving client expectations. Law firms have to run like a business, and exploring flexible billing models that can help retain existing clients and attract new ones.
Whether it's fixed fees, success-based pricing or a blended rate approach, transparency is key. Corporate legal departments are asking for something different. And the firms that are innovative in their billing models and options communicated are the ones that will stand out.