Value Focused Fees-It's No Longer Whether or Even Why Not-Now It's When?

more+
less-

Reprinted/posted with permission of Daily Journal Corp(2009)

Third of Four Articles in a Series.

By Jeff Carr, Patrick Lamb, Patrick McKenna and Edwin Reeser

Value Focused Fees – It’s No Longer Whether or Even Why Not – Now It’s When?

In article 1, we explored the structural impediments in large law firms to alternative fees, the role of the relationship partner, and the need for the client to push for and support the relationship partner in adopting alternative fee structures. Article 2 examined the pitfalls of some so-called alternative fee structures and laid the groundwork for an alternative fee structure that works for both the client and the firm. We now turn our attention to the client – and in particular the in-house team responsible for delivering legal services to the client. This awakening giant that has both enabled and empowered the firms to structure the relationships as they are today now holds the key to driving change to value focused engagement models.

The critical element in alternative fee structures is having an element of shared risk and performance. We call these “value-focused” fee structures, and while some debate the interstices of the definition of “value,” it really comes down to efficiency, effectiveness and customer satisfaction. The debate is no longer about why or whether we should move to value based legal service delivery models – it’s about how and when.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Edwin Reeser, Edwin B. Reeser, A Professional Law Corporation | Attorney Advertising

Written by:

more+
less-

Edwin B. Reeser, A Professional Law Corporation on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×