Price index “will bring transparency” to legal fees
A lawyer-matching platform has answered the growing clamour for charging transparency with a price index based on its database of 15,000 quotes, broken down into detailed categories of commercial work.
The move could spell the end of law firms providing high estimates for work, and give clients an idea of average fees at market rates.
The large size of the data set from which the index is drawn will help counter objections that complex legal matters are impossible to price before the event.
Publishing the price index, Lexoo, which services a panel of more than 220 lawyers, said that making public ranges of prices commonly paid for commercial law services would give small businesses a “steer” as to what they should be paying.
An equivalent US-based service, Priori Legal, has supplied US legal prices to the index.