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WHAT WE’RE WATCHING
CHANGING CHARGING - We wrote in a recent Law.com Trendspotter column that unrelenting billable hour requirements have compounded the many additional stressors on young lawyers that have been brought about by the pandemic. But we also noted that while alternative fee arrangements could be one way to address that problem, implementing them is easier said than done and increased scrutiny of lawyers’ efficiency can create a whole new kind of pressure. Still, as Law.com’s Lizzy McLellan writes in this week’s Law.com Barometer newsletter, there’s another incentive for law firms to figure out how to make AFAs work: their clients, who are facing budget constraints and looking for ways to minimize the number of hours that go into solving legal problems. As McLellan writes, “The firms that are most successful in this endeavor could pull away from the pack in the volume of matters they handle on this basis. The ones that have blazed the trail will settle into a healthy mix, creating a framework for others to follow.” To receive the Law.com Barometer directly to your inbox each week, click here.
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