Clients and attorneys increasingly have one thing on their minds—alternative fee arrangements. Alternative fee arrangements, or billing arrangements, are customized to fit the goals and needs of a client and matter based on discussion between a client and its counsel, as opposed to the standard hourly fee arrangement. AFAs are becoming very popular because they can be tailored to the specific representation and circumstances.
They also are good for improved communication with clients because all the costs are exposed at the beginning of the representation. Clients want more predictability and control in an economy where every penny counts. Attorneys want more options to monetize the value added by their professional services.