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Get on the Winning Side of Alternative Fee Transactions
Marketers at mid- to large-sized firms can win more business from major corporate clients by offering alternative fee arrangements (“AFAs”) ' despite the bipolar response of companies to them.
These statistics illustrate the schizophrenic reaction to AFAs or “value billing”:
- Almost all ' 95% ' law firms now offer some alternative fee arrangements, and all firms with 150 lawyers or more do so, according to an Altman Weil study. See http://bit.ly/cAmOkZ.
- Yet only half ' 52% ' of corporate clients use alternative fee arrangements, according to a Fulbright & Jaworski study. See http://bit.ly/czHimj. And, these companies use AFAs in some, but not all, legal situations.
Research by the Center for Competitive Management, http://bit.ly/fthlrz, and Inside Counsel, http://bit.ly/eZ1JYO, bear out the divided response by corporations to AFAs.
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