According to a recent survey of top in-house lawyers, alternative fee arrangements remain prevalent years after recessionary pressures on outside legal spend made them a necessity—and it’s a client need that firms in New Jersey and beyond continue to approach in a variety of ways, starting with who broaches the topic.
Although the overall use of alternative fee arrangements is down somewhat from last year, according to the Association of Corporate Counsel’s 2014-15 survey, certain types of AFAs grew in popularity. For example, 20 percent of chief legal officers reported utilizing a flat-fee arrangement for a portfolio of similar legal services, compared with 12 percent in last year’s survey. Also, use of incentive fees, as well as periodic retainer fees for a portfolio of services, were up incrementally, the survey said.
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