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Implementing an Alternative Billing Program
Significant changes have occurred within the legal profession over the last decade. Law firms are experiencing the same wrenching changes that their corporate and business clients have endured. Today, lawyers practice in a buyer's market. Lawyers and most of the services they offer are plentiful. Buyers of legal services have a wide range of choices.
Corporate counsel are exercising increased bargaining power about fees and terms of employment of outside law firms. They are employing qualified lawyers, who are not necessarily the most expensive, to perform legal work in a quality, efficient and cost-effective manner, as opposed to referring all legal work requiring outside assistance to their 'traditional' law firm. Also, smaller businesses without outside counsel, and individuals as well, find it advantageous to 'shop' for lawyers. In fact, lawyers who solicit and utilize other marketing techniques and alternative billing arrangements may find many disenchanted clients of other law firms receptive to the idea of changing lawyers.
Law firms can no longer ignore the competition of the marketplace when establishing billing rates and fees. Several variations and combinations of three basic billing systems, hourly billing, fixed fee billing and contingent fee billing, follow.
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