Legal Fee Update: Developing Alternative Fee Arrangements that Work for You and Your Clients

webinar Legal Fee Update: Developing Alternative Fee Arrangements that Work for You and Your Clients

You Will Learn:

  • Which types of fee arrangements firms are using TODAY
  • How to determine which AFAs might be most successful for your firm
  • Why clients really want in terms of AFAs
  • How to craft agreements that clearly define expectations for you and your clients
Watch the pre-recorded web conference
$365.00
 

Flat fees, fixed fees, alternative fee arrangements… what do clients really want?

Last year Microsoft Corporation announced that it’s shifting 90 percent of its legal work to alternative fee arrangements (AFAs) within two years.  GlaxoSmithKline (GSK) has already ditched the billable hour entirely.

AdvanceLaw's recent examination of 1,400 legal matters, across 400 law firms and 28 clients (e.g., Mastercard, Keurig, Nike, Molson Coors, Panasonic) found that flat fees do in fact reduce client cost, and they don’t hurt or help quality. In a word, flat fees work.

Data also shows that 26 percent of corporate legal spend are AFA’s, and 42 percent of top corporate legal leaders are inclined to increase this percentage over the next year. 

In fact, AFAs are steadily increasing in the following areas of law: 

  • Corporate, General & Tax
  • Litigation
  • Regulatory & Compliance
  • Commercial & Contracts
  • Employment & Labor

While hourly billing is neither dead nor dying, it isn't hard to see that alternative fee arrangements are here to stay, and they're only getting better.

Learning Objectives

This information-packed webinar explores the latest trends with respect to alternative fee arrangements, and provides best practice strategies to structure and implement AFAs that work for you and your clients.

  • Which types of alternative fees firms are using and how to define AFA-ready work
  • How to determine which AFAs might be most successful for your firm
  • How to craft agreements that clearly define expectations for you and your client
  • How to use feedback, clarity and creativity to craft (and fine-tune) a successful AFA
  • Real-life examples of AFA strategies/structures from the clients who love (and demand) them

Product ID: 20185

Bonus Material

Plus, you get quick tip guide – Law Firm Collections 101 – absolutely FREE!

This best practice guide explores the 5 key steps that should be part of your firm’s collections checklist.

  • Step 1: Writing and reviewing credit applications
  • Step 2: Reviewing your client’s credit history or financial statements
  • Step 3: Establishing the payment plan
  • Step 4: Establishing an invoicing system
  • Step 5: Handling nonpayment of fees

Don’t wait! Get the tools you need today to reduce the chances of non-payment tomorrow!

Discover How to Structure & Implement AFAs that Work for You & Your Clients!

Get it on demand now

Faculty

Justin Ergler
Justin Ergler
Director, Alternative Fee Intelligence and Analytics, GlaxoSmithKline

Justin Ergler is the Director of Alternative Fee Intelligence and Analytics for GlaxoSmithKline based in Research Triangle Park, NC. In his current role, he is responsible for the compilation and analysis of alternative fee arrangement intelligence, the development of predictive cost modeling tools for new engagements, and accelerating the transition to non-hourly, value-based fee arrangements at GSK and in the Legal industry at large.

Jared L. Applegate
Jared L. Applegate
Director of Pricing, Barnes & Thornburg

Jared Applegate is director of pricing for Barnes & Thornburg and is responsible for managing the law firm’s portfolio of alternative fees, creating innovative and practical pricing solutions and improving firm economics. His role includes guiding, advising and educating attorneys and clients on the pricing of the firm’s legal services and developing and supporting training programs on legal project management and matter management, templates to assess profitability, and other related tools.

Discover How to Structure & Implement AFAs that Work for You & Your Clients!

Get it on demand now

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