LexisNexis® Legal Newsroom
How to Manage Your Law Office: Internal Controls

Internal controls are important to prevent error and ensure integrity of accounting records as well as to reduce the risk of misappropriation of assets (fraud). A good system of internal controls protects both the firm and its employees. Designing such a system requires one to consider the resources...

How to Manage Your Law Office: Types of Fees

Hourly fees are the predominant billing method used by law firms. Beginning in the late 1980s and early 1990s, some clients began to object to this method and to any form of lawyer billing rate increase. Fueled by a recession and growing consumer sophistication, the fees charged by lawyers came under...

LexisNexis Tips Series: Mastering the Basics of Alternative Fee Arrangements

Rising client demand for alternative fee arrangements (AFAs) has forced an increasing number of law firms to move away from the hourly billing model. In many respects, firms are implementing AFAs in rather entrepreneurial fashion without benefit of proper planning and controls, says Norm Mullock of LexisNexis...

Is It “Alternative Fee Arrangements” or “Value-Based Billing?”

Yes. There has been discussion over the past months as to whether the better term for non-hourly billing is "alternative fee arrangements" or "value-based billing." The answer is yes, and yes. The first "yes" is an increasing number of firms and clients - not a majority...

Will the Future Associate be a Contract Employee?

The future of the legal profession is full of uncertainty. Will the old habits return as they did after previous recessions, or will these changes be permanent? No one knows for sure, but there are some possibilities and trends to take notice of. Cost Cutting: First of all, corporations have become...

The billable hour: How sick is it?

The failure of the billable hour to die is back in the news. In a recent AmLaw Daily post entitled The Billable Hour Endures , former Kirkland & Ellis partner Steven Harper argued that, "Regularly over the past 20 years, optimists have declared [the billable hour's] imminent demise.....

Are Clients 'Demanding' Change?

Adam Smith, Esq. has an excellent piece this morning , based on a Legal OnRamp thread, questioning whether corporate clients are actually demanding the changes so many of us are talking about, from alternative fees/value-based billing to legal project management. Are clients really asking for efficiency...

Six steps to better budgets (Part 2 of 2)

Step 4: Look for ways to lower costs In the current competitive environment, if your budget perfectly reflects past history, it may not be low enough to win the work. For many years, there was little pressure on lawyers to lower costs or to work more efficiently. Then the economy headed south, and...

Partners: Start Your (Marketing) Engines

According to the "Firms in Transition Survey 2011" reported on Law360 on Tuesday "unproductive and underproductive partners" (read non-rainmakers) will be cut by 20% of the law firm responding to the Altman Weil (no follow) survey this year. The good news is that the percentage...