This article focuses on a shift in the billable hour paradigm and how law firms and clients must look forward and focus on the outcomes that are desired, rather than looking backwards at the cost of production. The billable hour has diametrically opposed functions for both sides in the relationship: (1) unit of production and (2) basis of profitability. Not until both sides understand that you can't have the same unit serving dual purposes, will they truly understand alternative fees and value-based relationships. This article delves into what is required to establish a new model for law firm economics.
<p/>This ACC Value Challenge resource is part 2 of a 3 part series. To view the other resources in this series, please click here:</p>
<p class=><a id=CP___PAGEID=1365185| href=/legalresources/resource.cfm?show=1365185>ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)</a></p><p class=><a id=CP___PAGEID =1365213| href=/legalresources/resource.cfm?show=1365213>ACC Value Challenge: Facing Up to the Challenge - The Transition (Part 3)</a></p>
Overview of data mining and reporting tools directed toward law departments and law firms, how they tools do and don’t coordinate, and where to start for corporate counsel beginning to implement value-based fees. From ACC Value Challenge workshop, Legal Service Management, July 2010: www.acc.com/legalservicemanagement
Office Depot sample of a request for proposal for employment litigation legal services.
Office Depot sample of a request for proposal for intellectual property legal services. Includes a Master Services Agreement and Outside Counsel Engagement Guidelines.
The ACC Guide to Value-Based Fees provides a step-by-step approach to help those new to the process get started and to help those who are veterans of the process consider whether there may be opportunities to improve what they already do. The checklists, flow-charts and tables are designed to help in assessing a particular matter to determine which value-based fee constructs would fit best, as well how to best implement and carry out those terms.
This resource developed by the Law Firm Value Committee lists how law firms can add value with matter matter management, client service, understanding of in-house functions and needs, client teams and focus, fee structures, professional development, technology and library.
Womble Carlyle's solutions to two client problems involved alternative fee arrangements. This Value Practice resource details these two scenarios and their solutions.
This "How To" resource can help guide a legal department moving from predominantly hourly billing to alternative billing scenarios - with goals, planning, types, and key considerations.
This Value Practice resource describes the approach to designing and negotiating an alternative fee arrangement taken by Edwin Reeser, a sole practitioner.
Bartlit Beck handles high stakes litigation under a variety of non‐hourly structures. This Value Practice resource details how Bartlit Beck crafts these fee arrangements and structures operations to make them work.