The answer — already being deployed in different corners of the industry — is a combination
of alternative fee structures, virtual firms, women - owned firms, and the outsourcing of discrete legal jobs to other jurisdictions.
Unlike most law firms that bill clients based on the total billable hours each lawyer works on a particular matter, M&A Law Firm, P.C. employs a variety
of alternative fee structures.
Invited to speak to Ontario lawyers on the topic
of alternative fee structures at the Law Society of Upper Canada annual Small and Solo Law Firm conference.
What is new is that with ever - increasing competition for legal work and the growth
of alternative fee structures, GCs will require greater than ever flexibility from law firms to move out of their comfort zones in providing support which is responsive and good, but may not be the absolute best work that could be performed absent time and budget constraints.
Not exact matches
When considering
alternative investments, you should consider the fact that some products may utilize leverage and other speculative investment practices that may increase the risk
of investment loss and be illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax
structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high
fees including incentive
fees, and in many cases have underlying investments that are not transparent and are known only to the investment manager.
His point is that they have to come up with
alternative fee structures that do a better job
of matching price to value.
Issue: The Surface Transportation System Funding Alternatives (STSFA) program's purpose is to provide grants to States to demonstrate user - based
alternative revenue mechanisms that utilize a user
fee structure to maintain the long - term solvency
of the Highway Trust Fund.
In Argo's case, I address the slippage in AUM in the past couple
of years by: i) haircutting my valuation
of the asset management business to 3.75 %
of AUM (if AUM were increasing steadily & incentive
fees being earned, a valuation
of 7.5 % or even 10 %
of AUM wdn't be unreasonable, considering Argo's
fee structure, and ii) calling for more resources to be devoted to fund - raising, and other
alternative revenue /
fee sources (for example, like white - label & sub-advisory contracts) to be explored — see here: https://wexboy.wordpress.com/2012/11/16/argo-escape-from-an-evil-state/
How do the wealth transfers from your proposal compare with an
alternative of a emissions charge set at the level
of your
fee that finances a «general» tax reduction
structured to maintain the current vertical equity
structure in Alberta as much as possible?
Implementing
alternative pricing arrangements isn't easy — it takes time and effort on the part
of the firm to understand the needs
of the client, to develop a
fee structure that makes sense for the firm and the client, and to adequately explain that system to the client based upon the client's needs.
Clients are now much more sophisticated consumers
of legal services — they have responded by demanding discounts and requesting
alternative fee structures from their advisers.
Washington State is now the first state [1] to allow
alternative business
structures (ABSs), whereby non-lawyers are authorized to share
fees with lawyers and have ownership interests in law firms via the recently approved Limited License Legal Technician (LLLT) Rules
of Professional Conduct (RPC).
The legal sector has risen to the challenge in a variety
of ways — offshoring and northshoring,
alternative fee structures, new technology and automated processes or artificial intelligence.
We now have
alternative business
structures out
of the UK and a myriad
of companies providing legal advisory and LPO services without the
fee - draining partnership model.
While some New Law models have been created as a direct result
of the economic downturn, the founding partners
of Valorem started talking prior to the recession about creating
alternative fee structures for their clients.
Alternative fee structures lead to more efficiency in law firms which affects all other aspects
of the legal business.
Mid-sized firms are also taking advantage
of clients» desire for lower rates and
alternative billing by opening offices in other cities to meet the ever - growing demand for innovative or flexible
fee structures.
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..»
With the growing trend
of fixed
fee pricing,
alternative fee arrangements, and other pre-arranged cost
structures for legal work, it is more important than ever for a researcher to know several things that don't relate to the problem their research is attempting to answer:...
The numbers are in, and law firms that implement
alternative fee structures are pulling ahead
of the pack.
It appears that
alternative billing is the new norm for law firms, so it's important to gain a strong understanding
of all the different billing methods and
fee structures available to you.
Here are 6
alternative fee structures for law firms to consider, along with an explanation
of the risks and benefits
of each.
Especially at the outset
of the relationship, an identifiable bent towards technological proficiency would give me more confidence that a particular firm is taking the proper approach to achieving profits under an
alternative fee structure.
«
Structuring, Implementing and Evaluating
Alternative Fee Arrangements Effectively Around the Globe» Association
of Corporate Counsel's Annual Conference Presenters: Bob Harchut, GSK; Chris Jacobs, Advanced Micro Devices; Jason Stevens, Novant Health
You may, for example, be among a new wave
of pricing specialists who have joined law firms to help steer them through the challenges
of shifting from the billable hour to
alternative fee structures.
These firms are making alternate
fee arrangements,
alternative business
structures, legal process outsourcing, off - shoring — and many more
of the buzzwords
of the legal futures literature — work for them.
A widespread rejection
of the hourly rate billing model leaves many firms struggling to come up with a viable
alternative and without the capability to re-engineer their business model to support these new
fee structures.
The rise
of technology in legal practice, the growing pressures from clients to reduce legal
fees and the rise
of alternative business
structures (ABS) in the U.K. and Australia have created new opportunities and challenges.
Other less common
alternatives that are gaining attention in the legal profession are the «unbundling»
of services, flat - rate
fee structure and sliding scale
fees.
Mary is a frequent writer and speaker on tax, benefits, asset protection planning, and estate planning topics as well as on law practice related topics including improving the delivery
of legal services, technology in the practice
of law, building sustainable law firms, and
alternative fee structures.
John - Paul Boyd suggests that offering
alternative fee structures can effectively increase access to justice while also maintaining the profitability
of your law practice.
If you are a lawyer adopting an
alternative fee structure, experts stress the importance
of establishing clear expectations with your client, and carefully considering which services you will offer under that
structure.
(3) its recent handling
of the «
alternative business
structures proposals» (ABS proposals) for the potential millions
of dollars in legal
fees to be earned by representing investors eager to own law firms.
Risk Disclosure:
Alternative investment products, including real estate investments, notes & debentures, hedge funds and private equity, involve a high degree
of risk, often engage in leveraging and other speculative investment practices that may increase the risk
of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax
structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high
fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager.