Resource for Attorneys Interested in Alternative Fee Arrangements
One of the topics that I give presentations on at continuing legal education seminars is the benefits offered to family law attorneys by using alternative fee arrangements. My practice has been based on a "fixed fee" model for over five years now, and my only regret is not making the switch sooner. There have been several posts on this blog about this subject over the years (here, here, and here).
The theme of the July 2010 edition of Law Practice Today is Practice-Based Alternative Fee Arrangements. I had the honor of serving as the editor for this issue, and I am proud of the many excellent articles that we were able to collect for it. If you are interested in this subject, consider the following articles:
- "Make Time Work for You: Handling Cases on a Fixed-Fee Basis" by J. Benjamin Stevens – There are multiple reasons why handling cases on a fixed-fee basis is better for both our clients and ourselves.
- "Fixed-Fee Engagements in Litigation Cases: Why and How" by Michael Sherman – Making the argument for why fixed fees are better than hourly billing, along with practical tips for how to make the switch.
- “This Isn't Your Father's Law Firm”—But Maybe It Should Be" by Victor J. Medina – Are you ready for a practical alternative to the “legal services as commodities” trend? Here’s an approach that builds a longtime client family.
- "The Billable Hour Zombie: Why You Need to Act Now to Avoid an Attack on Your Business" by Jessika M. Ferm – Various factors seriously threaten the traditional hourly billing system—but some easy-to-implement strategies will help you realign.
- "Client-Directed Billing: Shifts in Who Defines the Value of Legal Services" by Jim Calloway and Mark A. Robertson – More and more, clients are directing how the value of the legal services they use is determined and many of them are looking at alternatives to hourly billing.
- "From Practice to Business: Flat-Fee Relationship Engagements for Transactional Lawyers" by Kevin E. Houchin – Getting beyond the hourly billing trap requires admitting there’s a better way—and then acting to implement it.
- "Getting Creative with Your Fees" by Micah Buchdahl – The creativity can be endless, if you are willing to simply change the way you are used to doing business.
- "Making Alternative Fee Arrangements Work in Corporate Litigation" by Ed Poll – Why and how to employ an alternative billing philosophy in which lawyer and client share risk based on the case’s outcome.
You can read the entire issue by clicking here.
