How Facebook’s Lawyers Price Their Services
March 7 (Bloomberg Law) — Silicon Valley’s Fenwick & West — which incorporated Apple and took Facebook public — recently hired a new kind of staff position: a product manager charged with helping clients understand the value of the legal services the firm provides, managing partner Kate Fritz tells Bloomberg Law’s Lee Pacchia.
The firm took “a page off the way our clients think about their customers” in creating the position, she says. The product manager marries client feedback about the firm’s services with historical information about the costs of each element in a prospective engagement, such as the stages of an IPO, she says.
By giving clients ranges for what each element of a matter may cost them, the firm hopes clients will perceive greater value in the work the firm does, Fritz says. Clients also can choose to handle elements of a matter differently, such as handling some elements in-house or outsourcing them to third-party providers, she says.
“Clients are under tremendous financial pressure,” she says. “Having more information permits clients and lawyers to be more in synch about expectations.”