In an effort to keep cash-strapped clients in the fold, Kirkland & Ellis is expanding its use of alternative-fee arrangements — discounting rates and extracting promises of future work from corporate players.
During the past three years, the firm says it has given away more than $100 million worth of billable hours, but it hopes to make the revenue back through follow-up work from those clients. Reed Oslan, the Kirkland partner who is leading the firm’s alternative-billing efforts, says that it hopes to expand the program. “It’s been a mutually successful program for both the clients and the firm,” Oslan said.
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