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"There's many a slip 'twixt the cup and the lip" If anyone has read a legal blog in the last year, there is a very high probability that you have read one about Alternative Fee Arrangements and/or pricing. On this site alone we devoted a large number of posts to the topic and will continue...
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As I mentioned in November, when I started this series, it could hypothetically go on forever. Half of my consulting efforts have been focused on alternative fee arrangements over the past year. There is little doubt that I will continue to post on the topic. That said this series was meant to introduce...
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Last week I had the pleasure of being a presenter on a webinar held by the Center of Competitive Management that focused on the ethical considerations of alternative arrangements. It is a topic that has not been given proper attention as AFAs continue to become the hottest topic of the year. A portion...
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Although this will indicate a piece of my style of humor, one of my favorite movies happens to be Billy Madison with the great Adam Sandler. Not to bore you with the details of the film, but if you are familiar with this piece of cinematic genius you know that Billy's acquisition of his father's...
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I woke up this morning and started to read up on the recent news articles as I do each morning. There has been a lot of press around alternative fee arrangements and much of it is needed. What I have not been pleased with is the sensational headlines such as "Death of the Billable Hour" or...
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In earlier posts I have emphasized the need for establishing a process around alternative fee pricing, tracking, and execution . To do this you have to understand your culture and have the right people in place and the right partners on board. I want to re-iterate that this is a time for action. It is...
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As I mentioned last week, there is no doubt that alternative arrangements are the hottest topic this year. It is by far the number one topic firms are asking about and the number one conference topic as well. Therefore given this is near and dear to my heart I find myself across the globe at alternative...
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I realized when I started this series that hypothetically it could go on forever. In previous posts, we have discussed fixed fees, capped, fees, contingent work, value based pricing, retainers, and other alternatives to the standard hour arrangement. The interesting part is we have just scratched the...
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In previous posts I have referred to my preference to the fixed fee arrangement . In addition I have also commented that as firms are building their repertoire and gaining trust with clients, capped fee arrangements could be the answer, especially those that have shared success incentives. As I was preparing...
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At our User Conference this year we had a presentation called "Contingent Work: Worth the Investment?" The title of this presentation poses a question that is asked by many firms, especially those that are large in size. There are many boutique firm lawyers that have made fortunes off of contingent...
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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 this is a series on alternative fee arrangements...
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It may seem odd to jump from speaking about the "pinnacle" of the alternative arrangements ( the fixed fee ) to what many consultants believe is not an alternative arrangement at all, the blended rate. The reason for the jump is simple. I have had several recent debates with consultants and...
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In my first post on the fixed fee arrangement I ended with the following paragraph: "Experience and tracking are the keys for long term success. As law firms transition to fixed fee arrangements there will be difficulties and mistakes. It is a cliché, but firms must learn from those mistakes...
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To find success in a fixed fee alternative arrangement for both the firm and a client there has to be a solid knowledge base of what the matter entails. This statement really can apply to any alternative arrangement. Therefore with that in mind before I dive into the specifics of succeeding with the...
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As we work through our " Know your Alternatives " series I will be posting on applicable information gathered through our continued experience with clients and conferences. The Alternative Fee Arrangement Conference held in New York this Wednesday provided ample input around a key point we...