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:

Integrity

The quality of being honest and having strong moral principles; moral uprightness.

Asynchronous

Referring to actions or processes that do not occur at the same time or rate, especially in communication or computing.

Synchronous

Occurring or existing at the same time, often used to describe real-time communication or processes.

E-mail

A method of exchanging digital messages across the Internet or other computer networks, used for personal, professional, and academic communication.