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Alternative Fee Agreements
There have been a spate of reports the last few months on alternative fee agreements, or AFAs as they are also known. Subsequently these have stirred a tremendous amount of conversation in the industry. Some of the conversation is helpful, some of it is constructively critical, and some of it is quite simply confusing.
Last fall, this newsletter's parent company, ALM, issued its “2013 Corporate Counsel Agenda” report, which reported a 17% drop in AFAs. In May, ALM published a white paper titled “ Alternative Fee Arrangements at Legal Departments and Law Firms,” which showed AFAs increasing 12%. Meanwhile, the fifth annual Altman Weil “Law Firms in Transition Survey” was also published, and found non-hourly billing accounted for a median of 10% of fees collected, and showed that two-thirds of AFAs are at the request of clients.
Sure, the samples are different and represent both sides of the industry, but that's because AFAs touch both sides of law. The inconsistency of reported results (or the particular focus of those reports) has contributed to several misconceptions about AFAs. The following is a list of six common misconceptions.
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