Small Businesses Save Money with DIY Approach to the Law
Sixty per cent of British businesses have tried to resolve their own legal matters over the past two years in a bid to save money on lawyers, research released today has shown.
The survey into businesses’ experiences of buying legal advice highlights the risks they are taking because of a legal industry that is wedded to outmoded and inefficient ways of providing their services.
The frustrations faced by businesses when dealing with an industry where charging by the hour is the norm were also clear: 23% of businesses reported that their legal costs were more than expected and 31% said they had to question or dispute invoices either occasionally or frequently.
Over 50% of businesses said that having to pay for every interaction with a solicitor was the most frustrating aspect of dealing with lawyers, while 25% also bemoaned the fact that they are unable to budget because they never know, in advance, how much things are going to cost.
Unsurprisingly, a guaranteed fixed price for each matter, agreed in advance, was deemed important by 51%.
The survey was commissioned by Riverview Law, the fixed fee legal services business. Supported by some of the UK’s leading lawyers, Riverview Law blows the cobwebs off the traditional client/lawyer relationship by banishing the traditional ‘ticking clock’ model favoured by most law firms. Instead, small and mid-sized businesses can buy annual contracts from as little as £200 pcm for all their legal support, or receive a fixed price for a particular piece of work. These annual contracts and/or legal events provide unlimited access to legal advice and, because there is no hourly billing, deliver price transparency and certainty on costs.
Adam Shutkever, Chief Operating Officer of Riverview Law, says:
“Businesses know they’re running a risk by doing it themselves but don’t pick up the phone to a lawyer because they’re worried about the cost. What does this say about the way legal advice is currently provided? That’s why we, with our focus on what customers want, set up Riverview Law and why we have applied fixed prices, quoted in advance, for all our services. When businesses call or see our lawyers, they don’t have to worry about the cost because they know in advance what the total price will be.”
Further business advice can be found in the Business Law section of the is4profit small business website.