Matters are increasingly moving away from the traditional billable hour to various
types of alternative fee agreements.
If you are unsure about how to broach the subject, here are some of the most popular
types of alternative fee arrangements.
The fixed fee is
the type of alternative fee agreement most embraced by corporate clients, according to BTI Consulting group.
Not exact matches
Binary options trading with robots is, therefore, a real
alternative for all investors fed up with the extortionate
fees you have to pay for other
types of investment.
In addition to the
fees described above (except for margin rates, futures commissions, paper statement
fees, and
alternative investment
fees that are not applicable to these
types of ERISA plan accounts), E * TRADE may also receive direct compensation in the form
of sales loads for the purchase and sale
of certain mutual fund shares purchased for the plan.
FeeX was started in September
of 2012 by Waze cofounder Uri Levine as a free service that finds lower -
fee alternatives for IRA, 401 (k), 403 (b), brokerage and other investment -
type retirement accounts.
The research also looks at how the average dollar invested in different
types of active funds performs when compared with that
of a passive
alternative, as well as the importance
of fees.
In keeping with the
alternative types of credit card, United and Chase have launched the $ 0 annual
fee United TravelBank Card, this one even stranger than its predecessor.
Carr says he employed this
type of digital / social RFP because he was seeking tech - savvy firms that offered
alternative fees and online billing.
«At times, we have utilized
alternative fee arrangements — sometimes at our own initiative, sometimes at a client's request — but I wouldn't say there's a significant increase in the
types of matters that are services using a flat, block or
alternative fee arrangement.»
Our size, location, resources, and experience all strengthen our ability to offer
alternative fee arrangements, new
types of services, geographical reach, and diverse teams.»
In fact, they so strongly believe that the billable hour model does not encourage the
type of innovation and collaboration that Microsoft decided to move, over the next two years, to a
fee model where some 90 %
of its legal work will be done via
alternative flat
fees.
Determining what
alternative fee arrangement will depend on your department, your budget, your outside counsel and the
types of projects you're working on.
But Embry believes that the work in a mass tort case can be «unbundled» so that much
of the commodity
type work is done by
alternative legal service providers at flat
fees.
That
type of inside information is invaluable to law firms when they propose
alternative fee arrangements, says Martin Beirne, founding partner
of Beirne, Maynard, & Parsons in Houston, one
of the challenge's 32 finalists.
In other
types of matters, clients would prefer the certainty
of flat
fees or
alternative practices to the billable hour.
As well as combining
alternative fees with «rigorous project management at every step,» Silversides says York has chosen similar, fairly routine file matters, and are running each file on a different
fee arrangement, to see which arrangement might be best for those
types of files.
Student housing insurance also comes with a
type of coverage known as loss
of use coverage which can pay for any moving expenses and
alternative accommodation
fees if a natural disaster not only damages your belongings but also your rental townhouse.
Product offerings might include
alternative types of listing contracts such as flat -
fee or seller - assisted listings, or perhaps affinity arrangements with other service providers.