The economic recession has brought renewed pressure on law firms to adapt to the concept of alternative fee arrangements. Simply put, corporate counsel are balking at increasing hourly rates in the face of significant internal pressure to slash their budgets.1 While alternative fees have been used for decades in many areas of large firm practice, corporate counsel are increasingly looking for firms to offer innovative ways to structure fees that reflect a firm-client partnership with respect to risk sharing.2 Those firms embracing the demand for innovation are poised to establish new and lasting "partnerships" as the business model for operating law firms continues to evolve.
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