Alternative fee arrangements are now a recognised aspect of legal work and many clients expect firms to offer them.
But many lawyers still lack the skills to negotiate and manage AFAs in a way that benefits both parties, and the risk of losing clients to firms skilled in this area increases as alternative fees becomes mainstream.
This report provides practical guidance to help lawyers adapt to client demands for AFAs and offers expert advice on negotiating and managing AFAs and value fees.
Specifically, this report tackles how to:
- Determine, develop and implement coherent pricing strategies
- Negotiate fees and deliver value to clients and in-house lawyers
- Establish the value of services and how to commoditise qualities such as experience and reputation
- Maintain client satisfaction and acceptance of fee arrangements.
The Lawyer's Guide to AFAs and Value Pricing covers topics including:
- Understanding the key elements of pricing innovation
- Overcoming resistance to change
- Key considerations for pricing strategies
- Designing objective - oriented fee arrangements
- Implementing a rigorous rate-setting methodology
- Linking project management to pricing strategies
- The risks of alternative fees and how to avoid them
- Examples of successful fee arrangements
- And much more….
The Lawyer's Guide to AFAs and Value Pricing also features case studies from Pfizer, CMS Cameron McKenna, FMC Technologies, and Tyco International that highlight best practices in aligning your interests and the needs of your clients in order to create long-lasting, and successful, relationships.
Chapter 1: Rethinking pricing – Why fixed fees and value pricing are not pricing innovations
Chapter 2: The problems with AFAs run deeper than resistance to change
Chapter 3: Alternative fee arrangements – A profitability technique other than just more hours
Chapter 4: The importance of a pricing strategy
Chapter 5: Designing an objective-oriented fee arrangement
Chapter 6: Maintaining clients’ acceptance for the hourly rate
Chapter 7: How to be a smarter seller of value fees – FAQs
Chapter 8: Linking project management to pricing strategies
Chapter 9: Alternative fees – Risks and how to avoid them
Chapter 10: Preparing for fee negotiations
Chapter 11: Examples of successful appropriate fee arrangements
Chapter 12: Alternative fee arrangements
Chapter 13: Alternative fee arrangements – Can you ‘win-win’?
Check our Executive Summary and full table of contents here