Challenging times for Adelaide’s insolvency lawyers haven’t resulted in the adoption of innovate pricing or cut-throat pricing. Admittedly the city’s insolvency lawyers generally present as extremely good value but, with only 58% of the market acknowledging that they’ve used a model beyond the standard hourly rate, there’s work to be done to match the pricing methods used in other jurisdictions.
There’s minimal variation when it comes to the hourly rates of Adelaide’s insolvency lawyers. While a handful pitch themselves in the $300-$400 per hour bracket (6%) the majority of the market (67%) finds comfort in pricing themselves between $400-$500 per hour. Within this bracket it’s the mid to high $400 per hour mark that is most popular.
The remaining 27% of the market sits between $500-$600 per hour and generally trends towards the lower end of this range.
A relatively low adoption of alternative pricing across Adelaide’s insolvency practitioner sees those who do use alternative pricing doing so with a view to generally fixing fees. There is also strong use of performance based or “spec” fee arrangements.