Publication date: December, 2009
Learn how to make Alternative Fee Structures work for your firm by aligning culture, behaviour, cost and price
Are your fee structures forcing your clients to seek better alternatives elsewhere?
Alternative fee arrangements have been a buzzword for some years now. But as momentum gathers and clients finally put their feet down about excessive billing through hourly rates you simply cannot risk being left behind whilst your competitors win over your clients with more personalised alternatives.
Managing Partner’s report on Alternative Fee Arrangements: Value Fees and the Changing Legal Market provides an in-depth look at alternative fee structures and how to make them work within your own firm by aligning culture, behaviour, cost and price.
Key points are illustrated throughout the report with clear examples and practical case studies from firms that are already successfully using alternative fee arrangements.
It reveals why law firms are seeking alternatives to the billable hour, what structures they are using and how to avoid the common pitfalls when implementing them within your own firm.
Key topics covered include:
* The billable hour – where it came from, why it stuck and why the world is changing;
* The link between fee structures and the behaviours they encourage;
* The benefits of alternative fee arrangements for both clients and law firms;
* Alternative fee arrangements from the client point of view;
* An examination of alternative fee structures;
* The process of assigning a value to legal services;
* An introduction to value fees, how to sell them and make them work for you; and
* How to respond to FAQs from clients to ensure they understand value fees.
The report features step-by-step guidance on the specific cultural and behavioural changes that need to be made to ensure success in your firm’s use of alternative fee arrangements.
It also discusses the prevalence of value fees in the legal market today and the impact they will have on your firm’s core business operations.
Ensure you are equipped to compete in a post-recession world, not simply on price but on the value you offer to your clients.
Patrick J Lamb
Patrick J Lamb is one of the founding members of Valorem Law Group, LLC. After spending 18 years at an AmLaw 100 firm, including several years as an equity partner, Pat left the firm to join a litigation boutique, where he spent seven years, including six as a member of the firm’s management committee. During these years, he was an avid proponent of budgeting and non-hourly fee arrangements. Ultimately coming to the conclusion that firms could not exist in both the hourly and non-hourly worlds, Pat and three colleagues, all big firm refugees, formed Valorem, which began in January 2008 as a non-hourly, value-fee firm. The firm represents businesses in complex disputes, and has more than doubled in size since its inception. Described by one in-house lawyer as “one of the few lawyers who gets it”, Pat was named a legal rebel by the American Bar Association in 2009 and is a frequent speaker on value fees and the role of project management in the successful use of value fees. He began writing the popular blog ‘In Search Of Perfect Client Service’ in 2005.