Think you’re being responsive to your clients about fees? They think you can do better.
Clients say they’ve had to lead the charge concerning alternative fee arrangements (AFAs), the term given to any method of law firm billing that isn’t solely based on billable hours, such as fixed or contingency fees. Of the 197 corporate law departments of Fortune 1000 companies polled this spring by ALM Legal Intelligence, 70 percent said they had to initiate AFAs in most cases when working with external counsel. Just 7 percent identified law firms as the originators. Moreover, 25 percent of clients said that firms actively resist AFAs.
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