Will Irving, general counsel at Telstra, says Telstra has put the Australian law firm Gilbert + Tobin on a fixed fee retainer arrangement after telling panel firms he wanted then to come up with something innovative. Gilbert+Tobin shares a “volume” risk if it takes on more work than it budgeted for. Boutique alternative firm Advent is also on Telstra’s panel for its innovative pricing and resource arrangements.
John Chisholm notes this based on a published reported www.brw.com.au So far, 30 percent of Telstra’s legal work is not based on time. Chisholm’s view: “When this ratio is reversed we will know both the client and the law firms are far better off and that time based billing is truly only left for the dinosaurs.”