Despite increasing resistance to the billable hour firms and clients are still struggling to find suitable, workable alternatives that suit the needs of the client as well as the law firm. Need a hand?
Managing Partner’s new report - Value-Related Fee Arrangements - represents a fresh perspective on achieving value through appropriate fees.
Using practical examples the report provides a comprehensive review of the current state of fee structures in today’s legal market.
A clear framework and guidance is then set out to help you identify your clients’ value-related qualities (VRQs) for specific types of engagements and to devise fee arrangements that meet their unique needs and expectations.
Value-Related Fee Arrangements examines a range of critical topics with invaluable insight into both the client and law firm perspective. These include:
- The key benefits and costs of AFAs that are available;
- The impact and benefits of migration from fixed fees to AFAs;
- Factors to consider when planning and developing an appropriate fee arrangement;
- Using task-based budgeting as the mechanism to achieve a new pricing;
- Key metrics and management in relation to fee structures;
- Overcoming the obstacles to wider use of alternative fee arrangements;
- Improving relationships and communication with clients; and
- The use of project management, Six Sigma, Lean Six Sigma and other management approaches, in practice.
Real-life case studies from Baker & McKenzie, KONE Corporation, First Group America, Inc. and Ogletree, Deakins, Nash, Smoak & Stewart, P.C. demonstrate how value-related fees are currently being implemented with success.
These along with useful examples from American Express, Motorola, Prudential and Stanford University make Value-Related Fee Arrangements the ultimate resource for developing and implementing appropriate fees within your firm.
Chapter 1: The current state of legal fees
Chapter 2: The pressure to adopt fee arrangements not based on the hourly rate
Chapter 3: Alternative fee arrangements – The reality
Chapter 4: Wanted: A more manageable and useful approach to defining value and designing fee arrangements
Chapter 5: Value – It’s really a series of subordinate, value-related qualities
Chapter 6: Different types of fee arrangements
Chapter 7: Examples of successful appropriate fee arrangements
Chapter 8: Case studies
Chapter 9: Designing an objective-oriented fee arrangement
Chapter 10: A new approach to cost control
Chapter 11: Metrics and management
Chapter 12: Overcoming hurdles and vaulting to the next level
Chapter 13: The use of project management, Six Sigma, Lean Six Sigma and other management approaches