As the legal industry continues to adapt post-Great Recession, alternative fee arrangements are becoming more prevalent. Clients are demanding them more frequently, and lawyers are grappling with the shift from the standard hourly fee arrangements. Because alternative fee arrangements, or AFAs, are customized to fit the goals and needs of a client and matter, they have gained increasing popularity.
Clients want more predictability and control in an economy where every penny counts. Likewise, attorneys want more options to monetize the value added by their professional services. As a result, AFAs can, in some circumstances, create greater transparency and improve communication with clients where all the costs are exposed at the beginning of the representation.
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