Rather Than Billing Clients by the Hour, Some Lawyers and Their

question 209

Multiple Choice

Rather than billing clients by the hour, some lawyers and their clients agree on a fixed fee based on expected costs plus an agreed upon level of profit for the law firm. Which pricing approach are they using?

• A)target pricing
• B)cost-plus pricing
• C)customary pricing
• D)experience curve pricing
• E)bundle pricing

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Definitions:

Intelligence

The ability to learn, understand, and apply knowledge, solve problems, and adapt to new situations.

Spearman

A method or statistician known for Spearman's rank correlation coefficient, used to measure the strength of a monotonic relationship between two variables.

Intelligence

The ability to learn from experience, solve problems, and use knowledge to adapt to new situations.

Competence

The ability to perform a task effectively, demonstrating knowledge and skill in a particular area.