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An Economic and Demographic Case for Alternative Fee Arrangements
We have known for some time that the law profession is aging. Until now, the effect that such aging could have on law firm revenues has been entirely masked by law firms raising hourly billing rates well in excess of general inflationary pressures, rising costs of operations and the increased experience of its practitioners. Now we are in an environment where competitive and market forces will almost certainly alter the ability to raise hourly billing rates consistent with historic patterns. The time has come to embrace alternatives to hourly pricing.
Alternative Fee Arrangements (“AFAs”) include pricing schemes that are not based on the billable hour. This excludes discounted and blended rate programs here, even though they are techniques frequently used by the profession.
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