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Karan Singh - Part 6Speaking about the process adopted by law firms to bill clients, Mr. Singh said that there was no science or magic to it. India has always been a very fee-sensitive market. "In the old days, lawyers would pick up their phone, call their clients, and ask their clients what sort of fee they were prepared to pay.. That market has evolved since then." "Traditionally, lawyers would like to charge by the hour, or by the minute or by six minutes or whatever intervals suit them. But those structures are not uniform or consistent. If lawyers had their way, they would like to bill by the hour because it makes the business more predictable. You know exactly how may lawyers you have and even predict the revenue cycle. The environment is not suitable to a fixed fee model. No service provider is in a position to dictate how and when transactions are going to close." He also said that the market is evolving. "While Indian clients have been extremely shy of paying fees in the early days, the appetite for fees has gone up. The costs are rising faster than the fees are. So law firms must get used to having smaller margins on their business. The single largest cost for law firms is the salary cost and that is going to remain that way." Speaking about campus recruitment he said that Trilegal have tried to make internships an integral part of the recruitment process. "While initially internships were a little less institutionalised, we are now trying to interview the potential interns; we try ... | ||||
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