By now, a lawyer would have to be living on Mars to have not encountered a client request for an alternative fees arrangement (any fee agreement other than straight billable hours at published or discounted rates). The Association of Corporate Counsel calls alternative fees “value-based” fees, but whatever the nomenclature, let’s look at the fundamentals of making these fees work.
Most importantly, alternative fee arrangements need to be valuable to both sides of the engagement. The outside lawyers need to make a profit; the clients want fees that are equitable. The formula for successful use of alternative fees is the easy-to-remember acronym of ATM: Assess, Talk, Manage:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]