Fenwick managing partner Kate Fritz is interviewed in a “Behind the Headlines” video produced by Bloomberg Law. In the video, Fritz discusses how Fenwick has embraced changes in pricing and budgeting legal services and the creation of a new product manager position in the pricing and budgeting group.
Taking a page from Fenwick’s clients and their corporate structure, the product manager and his team use historical data around common variables in past engagements to provide clients with information about the costs of each element in a prospective engagement. Armed with this data, clients can then choose how to proceed with each step of an engagement process, using more or less Fenwick services and potentially choosing to do something in house or using other service providers.
“When I go to the store to purchase something, I have choices that are in front of me and I can decide to pay more or less based on if I want more features or fewer features,” Fritz explained. “It’s quite clear what I’m getting. That’s all that this process provides.”
The price certainty “marries” client expectations with the extent and price of Fenwick’s services.
"Clients are under tremendous financial pressure," she said. "Having more information permits clients and lawyers to be more in sync about expectations."