Three Innovations from Non-US Firms about Billing and Fees

You might want to think about these steps taken by two UK firms and an Italian firm, as reported in the Financial Times, Innovative Lawyers 2009 at 37. Linklaters has created a "global pricing function." For the huge UK firm, "pricing professionals within its marketing department advise...

The Revenue Impact of Alternative Fees (Part 2 of 2)

Last month, Of Counsel, the Legal Practice and Management Report , published an article based on The LegalBizDev Survey of Alternative Fees , which they described as "the most lucid and comprehensive study that we have seen on this topic." This post reproduces the second part of the article...

Risk collars: A great way to start offering alternative billing

Whenever I give speeches about alternative fees, lawyers who are just starting to consider this approach are fascinated by the idea of risk collars. These arrangements are essentially the same as hourly billing, with one giant exception: risk collars align the interests of lawyers and clients. If work...

An Interesting Point in Support of AFAs

Anthony Tijan's article in the Harvard Business Review about bundling services and goods goes on to make an intriguing point about Alternative Fee Arrangements (AFAs): "I remember receiving a legal bill that carefully showed the breakdown of all the expenses. As the buyer of these services...

What every lawyer needs to know about project management, Part 1 of 5

This five-part series is an expanded version of an article I published last week on AmericanLawyer.com entitled "Teaching Lawyers How to Manage: Can It Improve the Bottom Line?" When I interviewed AmLaw 100 chairmen, senior partners and C-level executives for a recent survey of alternative...

Legal Project Management (Part 6) – Budget problems and solutions

Many lawyers believe that it is simply not possible to predict the costs of complex legal matters. As the managing partner of a firm with more than 1,000 lawyers put it in The LegalBizDev Survey of Alternative Fees : [Some] litigators say [a fixed fee] just doesn't work at all, because who knows...

More On The Reality of Alternative Fees

During Jackson Lewis ' annual corporate counsel conference, as reported in The National Law Journal and on Law.com's Small Firm Business , alternative fees are "putting down deep roots." This got my attention, because although there has been much written about the subject including...