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New research on alternative billing: What it means to you

By Jim Hassett

Are you trying to decide what to do about alternative billing, or whether you should be doing anything at all?  You have a lot of company, because important changes are taking place.

That?s why I recently conducted in-depth interviews with senior decision makers from 37 AmLaw 100 firms about what works best for alternative fees, and what does not work at all.  Participants included nine chairmen and managing partners, 16 executives (primarily CEOs, CFOs, and CMOs), and 22 senior partners, many of whom head alternative fee committees.

They provided an enormous amount of information on what law firms and inside counsel are doing to structure fixed and contingent fee arrangements in a sustainable way that makes business sense for both sides.  They also expressed a wide range of opinions about the future.  Every single participant believes that the use of alternative fees will go up, but there were dramatic disagreements about how much, and how ? or even whether ? alternative fees will change the way law firms operate.  

Some firms are aggressively bidding alternative fees to get new business, even when it means risking profits, to establish leadership positions in this growing market.  Other firms are taking a more conservative approach, and trying to assure that every deal is profitable on its own merits. 

This week I will be finishing the final analysis, and my complete report on the results will be published next month.  If you are still trying to determine what you should do about alternative fees, you will be particularly interested in the conclusion section summarizing ?Tactics to Prepare for an Uncertain Future.?

If you pre-order your copy now for $395, we will immediately send you a .pdf of a 27-page Preview Edition.  Then when the complete report is published in December, we will ship your copy directly from the printer, the day it is released.

On Thursday December 10 at 1 PM EST, I will offer the first public presentation of the complete results in a webcast for West LegalEdcenter, ?the nation's leading online continuing legal education (CLE) service? and a division of Thomson Reuters.  I will focus on our research findings regarding:

?    Differences between practice groups
?    Alternative fee revenue, now and in the future
?    What clients want
?    Aggressive vs. conservative bidding strategies
?    Nine common types of alternative fees, and how they are used
?    Expert predictions for the future
?    Recommendations for large law firms, for small ones, and for inside counsel

The webcast costs $135, and can be ordered through West LegalEdcenter.  After the webcast, if you decide to purchase the complete survey report by December 31, 2009, you will be given a $50 discount.

We also offer customized in-house presentations, workshops, and webinars to help lawyers decide:

?    When and how to discuss alternative fees with clients
?    How to bid and win the most profitable deals
?    How to manage projects to maximize profitability

For more information about a custom presentation designed to meet your firm?s needs, email us today.

Full post as published by Legal Business Development on November 11, 2009 (boomark / email).