Legal Marketing & PR

Alternative Fee Arrangements - New Ways Lawyers Can Price their Services

By Larry Bodine

It was in 1958 that billing by the hour was widely adopted by the legal profession, when the American Bar Association's Special Committee on Economics of Law Practice recommended the approach.

Flash forward to 2010 when unrelenting abuse is heaped upon the billable hour. Some 94.5% of law firms now offer some kind of alternative fee arrangements, and all firms with 150 lawyer or more do so, according to new research. Lawyer, entrepreneur and visionary Patrick Lamb of Chicago explains what, how and why this happened.

In a live webinar on Wednesday, October 6, Patrick removes the cloud of mystery around alternate fees, offers many how-to techniques, and offers case histories. If your law firm wants to give clients the "value fees" that they want, this program is for you.

"Clients are necessarily becoming more assertive in their fee discussions with their law firms and demanding alternative fee arrangements. Firms must face up to the fact that some clients will simply not work on the basis of billable hours any more," Patrick says.

Patrick is the author of the new book Alternative Fee Arrangements: Value Fees and the Changing Legal Market, which features practical examples of value billing used by FMC Technologies, Valorem (Patrick's law firm), Seyfarth Shaw, Bartlit Beck, United Technologies, Cisco, General Electric, Exemplar Law Group and Shepherd Law Group.

This program will be moderated by business development experts Michael G. Cummings and me. Please go to http://bit.ly/dbkBMS for full information. Registration is $300 per computer connection.  You can invite any number of viewers into a conference room, display the slides on a movie screen and listen to the program via speaker phone.

WHO SHOULD ATTEND

• Management and Executive Committee members
• Managing Partners
• Marketing Partners
• Law firm owners
• Chief Marketing Officers and Marketing Directors
• Any lawyer who wants to keep current clients and attract new ones.

Full post as published by Larry Bodine's LawMarketing Blog on September 24, 2010 (boomark / email).