Make More Rain : alternative fee arrangements, billing and collections

Alternative Fees – Trouble Brewing?

MichelleStPierre — Thu, 18 Feb 2010 18:16:00 GMT

Is the recent dust-up between Kasowitz, Benson, Torres & Friedman and its long-time client Duane Reade Inc. a bad omen for alternative fee arrangements or just a call for better management of these arrangements? As you might have read recently , the...(read more)

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

MichelleStPierre — Thu, 22 Oct 2009 18:16:00 GMT

The 2009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's annual meeting this week in Boston , has some interesting notes which are relevant to what we've been blogging about lately: Predictability...(read more)

Know Your Alternatives: Retainers - Using an Old Friend

RussHaskin — Fri, 16 Oct 2009 19:26:00 GMT

The reality is that the majority of firms have concerns when it comes to their billing and collection practices. There is a lag in activity and that causes a loss in realization and an opportunity lost for re-investment (Time Value of Money.) That said...(read more)

Opportunities Abound with Alternative Fee Arrangements

DerekSchutz — Tue, 04 Aug 2009 13:00:00 GMT

We've heard from a lot of clients recently on the subject of collections and cash flow. It seems like everyone is talking about it, probably because they are concerned that they are going to be caught on the wrong side of the equation. Having a fair amount of insight into the financial statistics of more then a few law firms, I have to say that I definitely understand why law firms are nervous. I, and others, have written numerous articles on the dangers of aging inventory and the issues of poor cash flow management. In my job as a consultant I have advised clients with these problems in their firms' business models. That part is easy. The part that is much harder is coming up with viable solutions. Telling law firms to simply bill and collect faster is, well, too simple. Sure a firm can more often then not send bills out the door faster, but how do you improve the pace of collections?

...(read more)