Alternative Service Rather than Alternative Fees
If you think that the concept of alternative fee arrangements is a new idea for winning work and satisfying clients’ perceptions of value then you might want to do some Google searching. It is not too difficult to find articles about alternative fee arrangements that date back to the early 1990s and they don’t just cover similar concepts, they use the term “alternative fee arrangements”.
The favourable economy (for law firms) from the mid 1990s to 2007 might account for the fact that hourly billing ruled for the majority of corporate work during that period. Although alternative fee arrangements are not a new concept, their time may be coming due to changes in the market dynamics for legal services.
This Trend Watch highlights another alternative arrangement - “alternative service arrangements”. The author of the article below relays the comments of an in-house counsel who is suspicious of alternative fee arrangements because they may be nothing more than hourly charging in disguise.
So here comes alternative service arrangements. Click the image below to read more.
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