A number of companies are moving away from the billable hour, favoring alternative fee arrangements instead. At BASF Corp., the North American affiliate of German chemical giant BASF SE, not only is an alternative fee arrangement preferred, firms are required to present such an arrangement for review.
Alternative fee arrangements were in use at BASF before he arrived, said Matthew Lepore, senior vice president, general counsel and chief compliance officer at BASF, whose North American headquarters is in Florham Park, New Jersey. However, since his arrival in January 2014, a lot has changed when it comes to fee arrangements. “There were some AFAs in place before I arrived. But now it’s required that I always have an AFA to review along with an hourly arrangement,” he said. “I have a policy that I’ve put in place since I joined the company that requires every matter that we open to have an alternative fee arrangement presented to me.”
This content has been archived.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?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
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]
