The billable hour model is not going anywhere anytime soon in the legal industry. However, more law firms are embracing alternative fee arrangements (AFAs) in order to stay competitive. In this New Orleans CityBusiness article, William Howard notes that Baker Donelson began investing in more resources towards AFAs around five years ago after seeing a marked increase in interest from clients.
"The demand was driven largely by clients who wanted more certainty in their legal budgeting," Mr. Howard said. "A successful (AFA) begins with a mutually understood scope of work and how much risk each side wants to tolerate. Some significant clients won't do work any other way."
Read the Article (subscription required)