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Alternative Fee Arrangements
With clients seeking savings and a greater degree of predictability in their outside legal spend, alternative fee arrangements are becoming more common. Fulbright's 6th Annual Litigation Trends Survey of senior corporate counsel reveals that more than a third of the respondents increased their use of alternative fee arrangements because of the economic downturn. See Fulbright's 6th Annual Litigation Trends Survey Report, Fulbright & Jaworski L.L.P. (2009) at 3. Yet law firms are concerned that changing their fee models will negatively impact profitability. How can a law firm choose a fee arrangement that is beneficial for the client and calculated to be profitable for the firm? Once that fee is set, how can the law firm best manage the engagement to ensure sustained profitability? How can it measure profitability in this new environment?
Aligning the Law Firm's Perspective to the Client's
Perhaps the most important preliminary step in effectively implementing alternative fee arrangements is to understand the client's business goals and align the law firm's cost structure to provide services within the price expectations of the client. Clients are seeking lower legal fees and costs, and they also want those fees and costs to be predictable. For some clients, predictability may be as important as the actual amount.
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