Your Pricing Models Explained

By Charlie Wilson In About TLS

The five pricing models available through The Law Superstore have been designed to offer Partners both flexibility and control over their service offering, whilst offering clients a clear and easy-to-understand structure.

  • Fixed fee pricing

Partners are free to choose between available pricing models for the services they offer, other than in the most straightforward services or Personal Injury or PPI claims.

In addition to the five pricing models, there are two pricing types available – “Initial Advice” and “Full Service”.

At The Law Superstore we have standardised 2 pricing types and 5 pricing models. Here is a brief introduction to them.

Initial Advice
The  first pricing type is Initial Advice.The majority of services enable a Partner to quote a price for a fixed fee no-obligation initial meeting or assessment. The Scope of Work for Initial Advice is outlined to clients as follows:

“Use the initial advice service to get a no obligation expert appraisal of your case for a fixed price. See below for what’s included in the initial advice service which you only benefit from through The Law Superstore.”

Full Service
The Full Service pricing type reflects the cost of delivering a service in its entirety. This is outlined as follows in the Scope of Work to clients:

“Full Service means the end to end legal service detailed in the Scope of Work below for the fees indicated. No hidden charges: The Law Superstore strives for transparent pricing to give you maximum peace of mind. Any additional chargeable work required over and above the defined scope is agreed between you and your chosen legal expert before it is undertaken.”

The Full Service package is available for every service listed on The Law Superstore.

The Pricing Models

Fixed Price
Fixed Price is the default pricing model on The Law Superstore’s comparison table. The Law Superstore’s own market research has shown that clients have a preference for fixed costs when purchasing legal services. For this reason, Partners able to offer a fixed price (inclusive of VAT) will appear first in any given service listing.

This is what a Fixed Price listing looks like in the Partner Area – Service Manager

Fixed Price with Capped Hours
This pricing model is designed to give Partners a greater flexibility in cases where it is unrealistic to be offer a straightforward fixed price – such as in high complexity cases that may involve additional hours.

Partners are encouraged to offer a fixed price for the full service based on a given number of hours and a defined Scope of Work. Partners then list an additional hourly rate, which will be charged to a client should the number of capped hours be exceeded.

The number of capped hours varies on a service-by-service and complexity basis. In order to ensure that clients are able to compare like-for-like costs, The Law Superstore sets the number of capped hours included based on the Scopes of Work.

This is what a Fixed Price with Capped Hours listing looks like in the Partner Area – Service Manager

Hourly Rate
Partners who prefer not to be restricted to a fixed fee pricing model may choose to advertise services on an hourly rate basis. Charging on this basis may be applicable to services that are contentious or adversarial in nature.

This is what an Hourly Rate listing looks like in the Partner Area – Service Manager

No Win No Fee
This is the only pricing model available for Personal Injury and PPI Claims. While other services can be offered on a No Win No Fee basis, this would most likely be offered to clients after an initial assessment or case appraisal has been completed.

The Scope of Work introduction to the full service for a No Win No Fee Personal Injury case is unique from other Scopes of Work. It reads as follows;

“For many legal services available on TLS you will be able instruct now and pay later for the service you receive.

Accident cases are different because your chosen Legal Service Provider will pursue your case for as long as they believe it has a good prospect (i.e. 60% or better) of success. They will do this on a “No Win No Fee” basis which in short means if you lose your claim, provided you have not been dishonest or exaggerated your claim, you will not have to pay the legal fees of your provider or the other side’s representative.

You may still be liable for any disbursements (expenses) incurred in pursuing your case. Your provider will advise you of this at the start of your claim and if you need an insurance policy to protect against this risk.

If you win your claim your provider will seek to and usually recover your legal costs and disbursements from the losing side. You could be liable for any failure in this recovery. You may be required to pay a percentage of your compensation to your provider and the cost of any insurance you needed to limit your cost liability on losing the claim.

Here is a standard scope of work covering the typical work your provider will carry out on your behalf provided your case continues to have a good prospect of success.”

NOTE: The fields the Partner has to complete in the Service Manager are also different in order to accommodate a meaningful comparison where the model is No Win No Fee. Partners can be compared against the level of their Success Fee, whether this is deducted from damages for injuries, financial losses or both and the typical cost of any ATE insurance premium.

This is what a No Win No Fee listing looks like in the Partner Area – Service Manager

TBC (To Be Confirmed)
Partners who prefer not to offer a clear pricing structure may list pricing on a TBC basis. Partners are simply required to provide a fixed price for Initial Advice with further costs to be agreed with the client thereafter.

This is what a TBC listing looks like in the Partner Area – Service Manager

 

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