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Services offered as part of the safety suite are delivered on a project fee basis an alternative fee arrangement that doesn t rely solely on hourly rates and is customized to meet individual client needs.
The legal profession has responded with alternative fee arrangements, which Bernstein says is only another name for contingency billing.
The Top 50 Firms, mainly New York-based with London offices, are the main rate drivers; firms such as Kirkland, Sidley, Skadden, Gibson Dunn, Paul Weiss, Debevoise and a handful of others have consistently been able to hold rates high while others have opted for discounts, variable pricing or Alternative Fee Arrangements (AFAs).
Be prepared to offer a number of alternative fee arrangements in addition to your hourly rate.
If the law firm is unwilling to enter into an alternative fee arrangement, have the firm prepare a detailed budget for the litigation.
The information in this report is intended to empower law firms and their clients to negotiate mutually beneficial rates and alternative fee arrangements with greater accuracy and confidence," said Craig Raeburn, managing director, TyMetrix Legal Analytics.
LegalEye[R] Consulting harnesses the knowledge of CPAs, Lean/Six Sigma Black Belts (continuous improvement experts) and IT professionals to deliver financial clarity and streamlined processes to law and claims departments and law firms, with a specialization in alternative fee arrangements.
Managers should include alternative fee arrangements to protect their revenue stream during this transition.