With hourly rates continuing to skyrocket at big firms, clients are pushing alternative fees as a way to control costs -- and law firms say they are listening. While the billable hour is still the most common calculation, fixed fees for larger work volumes or success-based arrangements are getting more attention, firms say. Yet one industry insider says alternative fees are like teenage sex. "There are more people talking about it than doing it, and those that are doing it don't know what they're doing."
July 11, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Looking down the barrel of a threatening patent infringement action from Sanyo, Chinese cell phone battery maker BYD wanted the IP heavyweights at Howrey — but not their heavy rates.
The Am Law 100 firm didn’t walk away and it didn’t just cut the price. Instead, Howrey offered to take the case at a discount — with a bonus to be paid if a good verdict or settlement was reached.
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