Jeremy Lam recently spoke at a plenary session during the annual InterPacific Bar Association’s (IPBA) meeting in Hong Kong. Asian Legal Business featured this session in their conference daily reporting.
Jeremy was joined by Elaine Lo, Asia chair at Mayer Brown JSM, Jonathan Watmough, managing partner of RPC, Patrick Sherrington, Hogan Lovells’ Asia and Middle East regional managing partner, Simon Powell, managing partner of Latham & Watkins’ Hong Kong office.
Speakers discussed how law firms need to innovate and revisit their fee structures as clients become more cost conscious. “While law firms have traditionally charged hourly rates, clients are increasingly seeking out more predictability and certainty over costs. The fact that many clients now view certain legal work as a commoditised good is compounding the issue. This has led many law firms to start using fixed fees for almost every type of legal work, barring regulatory investigations, litigation and other contentious matters,” reported Asian Legal Business.