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Survival tips for law firms: Discount fees, cuddle up to clients

, The National Law Journal

A panel speaking on the issue of the future of law firms last week at the DRI conference in New Orleans offered this advice to firm leaders: Be willing to discount fees, step up diversity initiatives and work hard at deepening relationships with clients. Some panelists advocated a return to the days of retainer fees, as opposed to the current law firm model in which companies are billed for every hour of service and law firms are under pressure to bill.

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