Case for fixed fee model
Lack of legal clarity due to ‘mismatch of expectations’
Keith Anderson: not a new phenomenon (pic: Terry Murden)
One of Scotland’s leading corporate lawyers says a lack of transparency in fees and advice offered to SMEs – identified in a report this week – is a result of a “mismatch of expectations”.
Keith Anderson, chief executive of Vialex, said this was “nothing new”. His firm recognised this some time ago and has adopted a fixed fee model for over 10 years to ensure both parties know what to expect.
He was reacting to research commissioned by Morton Fraser, which said law firms were guilty of a lacking clarity in the services provided to smaller firms. Chief executive Chris Harte called it a “wake-up call” for the sector.
However, Mr Anderson said: “This lack of clarity and SMEs feeling vulnerable is not a new phenomenon, though it is perhaps surprising that it is still the case.
Mr Anderson, who set up Vialex with a former Dickson Minto colleague Keith Dinsmore, added: “When we set up the business we recognised that there was a need to provide certainty and clarity of service and cost.”