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Vol 21 No 10 Oct/Nov 2016

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Value-Related Fee Arrangements


ISBN13: 9781908640352
Published: May 2012
Publisher: Ark Group
Country of Publication: UK
Format: Paperback (107 Pages)
Price: £199.00



Despatched in 8 to 10 days.

Despite increasing resistance to the billable hour firms and clients are still struggling to find suitable, workable alternatives that suit the needs of the client as well as the law firm. Need a hand?

Managing Partner’s report - Value-Related Fee Arrangements - represents a fresh perspective on achieving value through appropriate fees.

Using practical examples the report provides a comprehensive review of the current state of fee structures in today’s legal market.

A clear framework and guidance is then set out to help you identify your clients’ value-related qualities (VRQs) for specific types of engagements and to devise fee arrangements that meet their unique needs and expectations.

Value-Related Fee Arrangements examines a range of critical topics with invaluable insight into both the client and law firm perspective. These include:

  • The key benefits and costs of AFAs that are available;
  • The impact and benefits of migration from fixed fees to AFAs;
  • Factors to consider when planning and developing an appropriate fee arrangement;
  • Using task-based budgeting as the mechanism to achieve a new pricing;
  • Key metrics and management in relation to fee structures;
  • Overcoming the obstacles to wider use of alternative fee arrangements;
  • Improving relationships and communication with clients; and
  • The use of project management, Six Sigma, Lean Six Sigma and other management approaches, in practice.
Real-life case studies from Baker & McKenzie, KONE Corporation, First Group America, Inc. andOgletree, Deakins, Nash, Smoak & Stewart, P.C. demonstrate how value-related fees are currently being implemented with success.

These along with useful examples from American Express, Motorola, Prudential and Stanford Universitymake Value-Related Fee Arrangements the ultimate resource for developing and implementing appropriate fees within your firm.

Subjects:
Legal Practice Management
Contents:
Developing a workable definition of value for purposes of designing a fee arrangement ...
25 A fee arrangement based on VRQs...
28 Corporate law department perspective ...
29 Law firm perspective...
29 Chapter 6: Different types of fee arrangements...
31 Fixed fee ...
31 Retainer ...
32 Value-based fee...
32 Percentage fee...
33 Contingent or conditional fee ...
33 Task-based or unit fees...
34 Hourly rate plus contingency or premium...
35 Incentives to expedite ...
35 Fee arrangements incorporating the hourly rate...
36 Chapter 7: Examples of successful appropriate fee arrangements ...
39 Contingent fee for defense ...
39 Hourly rate (discounted) plus premium ...
39 Fixed fee for multiple litigation ...
40 Fixed fee for multiple litigation, with adjustments ...
40 Fixed per-case fee for multiple litigation - Two examples...
41 Fixed retainer for counseling work, with a 'collar'...
41 New relationship - Fixed fee with a collar...
42 Combination of litigation and counseling - Budgeting and retainer ...
43 Retainer for replacement counsel in litigation ...
43 Blended rate - Representation of insured ...
44 Blended rate...
44 Increasing percentage discount based on billings...
45 Blended rates with contingent premium ...
45 Fee hold-back with premium...
45 Chapter 8: Case studies ...
47 Ogletree, Deakins, Nash, Smoak & Stewart, P.C. - Fees and costs in today's environment ...
47 Baker & McKenzie - Fees and costs in today's environment ...
49 KONE Corporation - Successful efforts to design and implement appropriate fee arrangements...
51 FirstGroup Plc - Successful efforts to design and implement appropriate fee arrangements...
52 Summary...
54 Law department perspective...
54 Law firm perspective...
54 Chapter 9: Designing an objective-oriented fee arrangement...
55 Before designing the fee arrangement ...
55 Designing the fee arrangement ...
55 Law department perspective...
58 Law firm perspective...
59 Chapter 10: A new approach to cost control ...
61 Task-based budgeting as the mechanism to achieve a new pricing ...
64 Matter-specific budgets for litigation - The microeconomic view of costs...
65 Aggregate budgeting data - The macroeconomic view of costs...
69 Chapter 12: Metrics and management ...
73 Benchmarking ...
74 Self-diagnosis metrics analysis ...
74 Choosing metrics...
75 Case study - Motorola Mobility Incorporated...
77 Case study - American Express Company...
78 Metrics and fee arrangements...
80 Metrics from the perspective of a law firm...
81 Metrics from a law department perspective ...
84 Chapter 12: Overcoming hurdles and vaulting to the next level...
85 Obstacles to wider use of alternative fee arrangements...
85 Insurance company perspective...
87 Overcoming the obstacles...
89 Improving the relationship ...
89 Understanding the costs of legal service ...
90 Improving communication ...
94 Overcoming other obstacles...
95 Law department perspective...
96 Law firm perspective...
96 Chapter 14: The use of project management, Six Sigma, Lean Six Sigma and other management approaches...
97 Law department perspective...
99 Law firm perspective...
99 Afterword...
101 Index ...
103