Features

Law Firms Happy to Trade Falling Realization Rates for Strong Rate Increases
While some firm leaders pointed to market factors such as economic uncertainty, most indicated that declining realization rates were a price they were happy to pay in exchange for several years of strong rate increases.
Features

AI, the Billable Hour and Improving Client Service
The ultimate guardian of the quality of client service is the partners' own judgement but properly utilizing AI can set expectations that will benefit the clients and the firm and end forever the "End of the Billable Hour" stories.
Features

Generative AI and Law Firm Pricing
Generative AI, combined with client education, could signal the slow death knell of the billable hour.
Features

White Box vs. Black Box Compensation Systems
Having a compensation system that clearly outlines partner expectations, provides the partners with the ability to validate the results by communicating the results back to them does more to build collegiality than an opaque system that, by its design, promotes distrust and ill will among partners.
Features

Top Bankruptcy Partners Rates Are Climbing
The trend of above-average rate increases began during the pandemic.
Features

Billable Hours Frustrate In-House Attorneys, So Why Aren't They Demanding Alternatives?
Alternative-fee arrangements help establish a link between outside counsel costs and the value provided.. Yet, adoption of AFAs remains sluggish — even as outrage over outside counsel hourly rate increases grows.
Features

Best Practices In Building Contingency Fee Practices
There are two major factors motivating firms to move in the direction of more risk sharing and more contingency work. The first is client-driven, the second is basic law firm economics.
Features

Online Extra: Law Firms Doubling Down On Billing Discipline Amid Demand Decline
Some large law firms are doubling down on billing discipline, as Big Law clients take longer to make payments and the legal industry continues to see demand declines.
Features

Hourly Billing in FTX Bankruptcy Already At Historically High Level
Attorneys and consultants involved in the FTX bankruptcy have asked the District of Delaware bankruptcy court to approve billed hours and expenses totaling just under $37 million for the first six weeks of Chapter 11 proceedings.
Features

Despite Aggressive Rate Increases from Law Firms, Clients Have Room to Negotiate
Rate increases across the legal industry haven't been as big as the conventional wisdom implies, and clients have more room to negotiate than they probably realize.
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