Sentences with phrase «of alternative billing arrangements»

In my experience so far, the success of alternative billing arrangements is dependent on a number of factors:

Much like diving into the blog world, in - house counsel need to take the plunge into the world of alternative billing arrangements.

Your partners» responses to the following questions will offer valuable insight about the firm's willingness and ability to «accept and live with» one or more types of alternative billing arrangements.

(2) Select which form, or forms, of alternative billing arrangements your firm will make available, and what percentage of your firm's legal work you will handle under alternative billing arrangements.

On alternative fees: Clients, not firms, have been the greater barrier to adoption of alternative billing arrangements, panelists suggested.

Your partner's responses to the following questions will offer valuable insight about the firm's willingness and ability to «accept and live with» one or more types of alternative billing arrangements.

Select which forms of alternative billing arrangements your firm will make available and what percentage of your firm's legal work you will handle under alternative billing arrangements.

Clients can be skeptical of alternative billing arrangements when they do not understand how those arrangements will benefit them.

Most of the ideas are fairly obvious — lower starting salaries for new associates combined with increased training, a menu of alternative billing arrangements for clients, creation of client - centric practices such as frequent evaluations and client wikis to keep clients informed.

Not exact matches

As the economic model of law firms changes with the rise of alternative billing structures to the billable hour, there may be more room for creativity in providing flexibile work arrangements for lawyers.

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.

«Document automation software reduces the cost of producing court documents and letters, enabling greater price flexibility at a time when alternative billing arrangements are growing in popularity,» said Bass.

Variations of hourly billings, fixed fee billing, contingent fee arrangements and other forms of «alternative billing» are no longer merely isolated experiences.

The type of legal work performed for your clients, the nature of your client base, the competitive environment in which your firm practices and the client's perception of the value of the legal work performed will be critical factors in determining whether your firm should volunteer or react to external pressures for alternative billing arrangements from your clients or as the result of competitive pressures created by other law firms.

's clients can choose to utilize alternative fee arrangements such as fixed costs, capped fees and / or «value billing» (or a mix of all three).

But FMC is clear: Lawyers must be willing to embrace alternative billing arrangements to stand a chance of being hired.

There has been a steady onslaught against the billable hour in recent years, not least of which is such as the demand by many clients for alternative billing arrangements.

In fact, lawyers who solicit and utilize other marketing techniques and alternative billing arrangements may find many disenchanted clients of other firms receptive to the idea of changing lawyers.

The type of legal work performed for your clients, the nature of your client base, the competitive environment in which your firm practices and the client's perception of the value of the legal work performed will be critical factors in determining (a) whether your firm should volunteer or (b) react to external pressures for alternative billing arrangements from your clients or as the result of competitive pressures created by other law firms.

RH: The law practice of the future will be more virtual and technology - driven with alternative billing arrangements.

The ALM report surveyed 141 in - house law departments and 194 law firms on their use of — and satisfaction with — alternative billing arrangements.

Led by the Association of Corporate Counsel's «ACC Value Challenge,» corporate America is increasingly demanding that their outside law firms abandon the entrenched, historic, «cost - plus,» «billable hour» economic pricing model in favor of «Alternative Fee Arrangements» («AFAs») and other «value billing» approaches (e.g., non-hourly pricing arrangements such as «fixed fee,» «contingency,» or «hybrid» fee arArrangements» («AFAs») and other «value billing» approaches (e.g., non-hourly pricing arrangements such as «fixed fee,» «contingency,» or «hybrid» fee ararrangements such as «fixed fee,» «contingency,» or «hybrid» fee arrangementsarrangements).

And a lot of the issues that are driving the necessity of this new strategic outlook, or positioning, may be new technology, alternative billing arrangements, the fee structure, obviously, the generational mix... diversity, etc..»

she asked, referencing the revolution around value - based billing, alternative fee arrangements, and disaggregation of legal services.

Key Metric # 3: Alternative Fee Arrangement (AFA) Usage AFAs used in 9.4 % of matters and 7.0 % of billings in the past year 3b Based on trailing 12 - months ending December 31, 2015

Variations of hourly billings, fixed - fee billing, contingent fee arrangements and other forms of «alternative billing» are no longer merely isolated experiences.

The type of legal work performed for your clients, the nature of your client base, the competitive environment in which your firm practices and the client's perception of the value of the legal work performed will be critical factors in determining two things: Whether your firm should volunteer; or React to external pressures for alternative billing arrangements from your clients or as the result of competitive pressures created by other firms.

The more sophisticated business and corporate clients are insisting that outside counsel implement alternative billing arrangements in lieu of the traditional hourly - rate billing, which encourages and rewards inefficient performance and management of legal work, and discourages productivity and quick achievement of client objectives.

In most of our plaintiff's matters, we are willing to explore alternative billing arrangements, with Lightfoot sharing the risk and expense attendant to all litigation.

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.

Figure 7: Enterprise Legal Management Trends Report Key Metric # 3: Alternative Fee Arrangements used in 10 % of matters and 6 % of billings in the past year Based on trailing 12 - months ending June 30, 2013

This chart shows the % of billings under an Alternative Fee Arrangement (AFA) by firms of different sizes.

With counsel pursuing more and more non-traditional fee arrangements, the percentage of Corporate, General Tax matters having billings under some sort of alternative fee arrangement has risen from 9 % in the last report to 12.5 % in this latest report.

Key Metric # 3: Alternative Fee Arrangement (AFA) Usage AFAs used in 8.6 % of matters and 7.3 % of billings in the past year Based on trailing 12 - months ending June 30, 2015

Nicole Auerbach and Patrick Lamb of ElevateNext have been perfecting their skills in implementing alternative fee arrangements — with a disciplined refusal to bill by the hour — for an entire decade in full view of the rest of the legal industry.

Competition for corporate, business and individual clients will cause traditional hourly billing rates to be replaced by variations of hourly billing arrangements, contingency and fixed fee and combination of these alternatives.

[O] ver 80 percent of senior in - house counsel attendees said they believed law firms should share the risk of budget overruns, yet inexplicably, less than 5 percent had put into effect alternative billing arrangements to create risk sharing.

One way they are tackling these challenges is by replacing conventional hourly billing with a variety of alternative fee arrangements (AFAs).

The alternative billing arrangements may better align a client's perception of the value of legal services and management of legal resources.

Access to accounting and billing data allows firm management to assess the financial impact of key clients or matters, or to support decisions on alternative fee arrangements

Fees are controlled through a combination of strong billing guidelines, rational alternative fee arrangements, real - time feedback on performance, streamlining of staffing, strategy, and tactics, early exploration of settlement and ADR, and so on.

Corporate clients in the current buyers» market are increasingly demanding lower, fixed prices and value - based Alternative Fee Arrangements («AFAs») in lieu of hourly billing — making law firms bear the «risk of loss» in uncertain but complex litigation and transaction matters — even as the costs of running law firms continue to climb.

Key Metric # 3: Alternative Fee Arrangement (AFA) Usage AFAs used in 12 % of matters and 7 % of billings in the past year Based on trailing 12 - months ending December 31, 2013

Kimberly has developed and implemented business strategy and process improvements, managed the successful integration of legal teams, and applied market data and performance metrics to set billing rates, negotiate alternative fee arrangements, optimize staffing levels, and increase client value.

I can pull together teams of top - flight attorneys with specific skill sets for both large and small deals and can offer clients alternative billing arrangements that are appropriate for their needs and the requirements of the deal.

Overall, the percentage of matters that have billings under some sort of alternative fee arrangement (AFA) has remained fairly stable at approximately 9 % of matters and 7 % of billings (See Key Metric # 3).

For example, in 2014, 45 % of CounselLink customers were billed under an alternative fee arrangement for Corporate, General, Tax matters compared to 39 % in 2013.

Key Metric # 3: Alternative Fee Arrangement (AFA) Usage AFAs used in 9 % of matters and 7 % of billing Based on trailing 12 months ending December 31, 2014

Carrying over from the last few years is a decline in the use of alternative fee arrangements — 3.2 per cent said AFAs were the billing arrangement they had with their primary law firm / external service provider, which was a slight drop from 4.9 per cent last year and a considerable drop from 12.7 per cent in 2015.

As Peter Gutelius, an assistant general counsel with RBC, says in the current issue of Canadian Lawyer InHouse: «It depends what title you want to put on it — alternative arrangements or value billing — we have done it and believe it can be applied to any legal retainer.»