Cobra Legal Solutions LLC is a Legal Process Outsourcing (“LPO”) vendor with offices in New York and a delivery center in Chennai, India. Cobra offers what it calls “Least Cost Pricing” for its document review projects. For each document review project, clients are quoted an hourly rate, a per document rate, and a per gigabyte (GB) rate. The price that Cobra ultimately invoices the client is determined by whichever rate produces the lowest total cost. Global Legal recently spoke to two Cobra clients – a Fortune 100 technology provider and a 10 lawyer boutique litigation firm in Chicago, IL – to evaluate the merits of Least Cost Pricing.
In the July 5, 2010 issue of Rhode Island Lawyers Weekly I co-authored Get Beyond Hourly Billing and Into The New Decade with tips on how to implement alternative fee agreements. In the article, Steve Seckler and I discuss how fixed fee arrangements can be implemented without dramatically undercutting profitability. The article is derived from a workshop that Red Bridge Strategy has developed and presented to understand and implement fixed fee billing. If your firm is interested in hosting a Fixed Fee Arrangements workshop, please contact me for details.
As I noted in my post of April 5, this is a personal blog, so I can stray off topic and plug my personal cause once in a while. Some of you are already thinking, “He’s not writing about LPO or law practice management, so I’m outta here.” Fair enough, but on your way out, consider whether or not this blog has provided even a little bit of value to you. If (and only if) it has, consider donating $10 to the Pan Massachusetts Challenge (“PMC”) by Texting “PMC MS0320” to 20222. (See Texting Note below.) Read the rest of this entry »