LAW WEEK COLORADO
For many clients, time-based billing is the least preferred billing method when it comes to legal services. Despite the pressure to adopt more accommodating billing options and the many conversations of alternative fee arrangements within legal circles, though, it seems the billable hour is here to stay.
Some firms that have offered value pricing to their clients for years are advising other firms to evolve with their clients and incorporate alternative fee structures that will not only work for the client, but will benefit the firm and its future.
However, the hesitation to offer alternative fee arrangement options comes with much support. According to the Ninth Annual Law Department Operations Survey, published by the Blickstein Group, a legal consulting firm, studies show that the growth of alternative fee arrangements is slowly becoming stagnant, despite AFAs’ popularity over the past few years.
However, many firms have found success using alternative fee structures and encourage others to implement some sort of value pricing structure.