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To determine the financial stability of a law firm, how far should legal departments inquire?

When coalescing its group of outside counsel into a smaller number of primary firms or selecting a firm for a multi-year commitment, a law department rightfully wants to select firms that are financially solid, that will prosper during the term of the agreement. That desire prompts questions in the Request...

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...

What every lawyer needs to know about project management, Part 4 of 5

If we lived in a perfect world with unlimited resources, no one would need project managers. But here on Earth, resources are limited and managers are constantly forced to make difficult choices. For example, when computer programmers develop a new product, no matter how good the product may be, someone...

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...

Year-end countdown: accounts receivable

As we approach the end of September, firms with fiscal years ending in December should already be taking the first steps in their year-end fee collection campaign. Your firm's billing team will probably do most of the heavy work, but in well-managed law firms the billing partner for each file...