There’s never any shortage of competition or pricing aggression in the South Australian legal market however a series of personnel movements, mergers and new practices seem to have created a dynamic sees IP & TMT at the forefront of pricing competitiveness.
Adelaide’s lawyers always find comfort under $500 per hour and, by and large, the city’s IP & TMT lawyers are no different. Some 68% list a rack rate between $400-$500 per hour.
There’s a surprisingly high percentage of individuals who price themselves over the magical South Australian $500 per hour limit but… a rack rate can be somewhat misleading as can the band of $500-$600. In reality any push above $500 an hour is mild at best and generally placed closer to the $500 point than the $600 point.
Almost all of South Australia’s IP & TMT lawyers have moved away from the exclusive use of the hourly rate. 94% of individuals use models of than time costing with fixed price and capped fees being the most common methods.
Hybrids of hourly rates, fixed price and other models were also regularly noted. The state’s IP & TMT lawyers do sit well below figures in other states when it comes top the use of retainer-style pricing with only 14% of firms noting this method (other states typically sit around 30%).