X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

An Altman Weil study in 2009 found that 28 percent of respondents at law firms believed that increased use of alternative fee arrangements (AFAs) would prove to be a permanent change to the business of law. By 2013, that number had jumped to 90 percent. The acceptance of this industry shift is good news for legal departments with smaller budgets for outside counsel, but some legal professionals are concerned that pricing pressure might cause their law firm relationships to turn adversarial. With the right information and approach, it is possible to negotiate win-win fee structures that meet your budget needs and keep your partnerships with your firms healthy and collaborative. AFAs can be a useful tool for sharing some risk with law firms and grounding fees to results, but negotiating an AFA isn’t a simple matter. Information and structure can help.

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2017 ALM Media Properties, LLC. All Rights Reserved.