Not exact matches
Generally we focus our attention on the mechanics of common structures, such as volume based discounting, contingency
arrangements,
flat fee billing, success
fees or secondments.
That means using hourly
billing,
flat fees, contingent
fees, and hybrid
arrangements to suit each matter best.
If attorneys avail themselves of the advances in computer technology in the past decade or two, they can more easily come up with
flat fees or other alternative
billing arrangements — and continue to make a profit, Calloway says.
Topics may include, for example, how to create a business plan, the key elements of an engagement letter, how to choose your niche, and how to decide between different
billing arrangements such as contingency
fees, hourly rates or
flat fees.
Even if you ditch the billable hour, you still have to
bill your clients for your work (either through
flat fees or some other hybrid
arrangement).
Chrometa — Even with the trend towards
flat fees and other alternative
billing arrangements, the billable hour is not dead yet.
In addition to our standard hourly
billing, we offer
flat fees, blended rates, partial contingency
arrangements and capped
fees.
But now, tired of subsidizing law firm gravy trains, large corporate clients are forcing firms to offer alternative
billing arrangements, such as
flat fees, volume discounts and banning new associates from working on matters.
Or they refuse hourly
arrangements altogether and insist on fixed or
flat fees and other alternatives to hourly
billing.
From
flat fee payment
arrangements to approaching legal matters from a project management perspective, traditional hourly
billing models no longer define the legal industry.
We all seem to be moving toward value
billing — but does a
flat fee arrangement impact service quality or the level of talent assigned to the work?
At heart of the new software are complex mathematical models that help firms forecast what it will cost to perform a certain project, and thereby determine if it makes sense to offer an alternative
billing arrangement for that project such as a
flat fee.