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

Question

Quizplus · Accepted Answer

The pricing approach being used is cost-plus pricing, which involves determining the total cost of producing a product or service and adding a markup (in this case, the agreed upon level of profit for the law firm).

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