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:

Fifth Amendment

Part of the U.S. Constitution's Bill of Rights protecting individuals from self-incrimination, double jeopardy, and guaranteeing due process of law.

Criminal Case

A legal proceeding brought by the state against an individual or entity accused of violating criminal law.

Miranda Rights

A set of rights that law enforcement officials are required to read to individuals upon arrest, informing them of their rights to silence and legal counsel.

Right to Remain Silent

The legal right of an individual to not answer questions or provide statements during police interrogations or in court, as protected under the Miranda rights.