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Alternative Fee Arrangements: Pricing for a Win-Win Relationship
 

Alternative Fee Arrangements: Pricing for a Win-Win Relationship

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Power point presentation from the webinar of the same name, featuring a conversation with Hank Turner, associate at the Valorem Law Group

Power point presentation from the webinar of the same name, featuring a conversation with Hank Turner, associate at the Valorem Law Group

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    Alternative Fee Arrangements: Pricing for a Win-Win Relationship Alternative Fee Arrangements: Pricing for a Win-Win Relationship Presentation Transcript

    • Alternative Fees
      Pricing for a Win-Win Relationship
    • A Conversation with Hank Turner of the
      Presented by
    • Kinds of Fee Structures Used at Valorem Law Group
      Custom fee structures combining:
      Value-Based Pricing
      Fixed fee for phases
      Goal-oriented bonuses
      Holdbacks
    • Benefits to Client
      Client knows costs of legal matter
      Focus on providing value
      Understanding of client’s business
      Focus on efficient solutions
    • Benefits to Associate
      Greater incentive to be trained more quickly
      No pressure to bill hours
      Ability to focus on skill-building
      Increased client contact
      Learn how to deal with client’s problems more quickly
      Learn need to act efficiently and map out a matter’s process
    • Pricing Process
      Up-front and in-depth client consultation
      Internal analysis of past experiences
      Internal profitability analysis
      Fee proposal to client
      Further discussion about client goals
      Fee Agreement executed
    • Facts Considered in Pricing Process
      Jurisdiction
      Size of matter
      Client’s goals
      Projected length of case
      Reputation of opposing counsel
      Likelihood of settlement
    • Benefits of Segmenting Legal Matter
      Pre-plan and streamline tasks and strategy
      More frequent case evaluation
      Take note of changed circumstances
      Refining goals intermittently
    • Benefits to Attorney/Client Relationship
      More client interaction
      Client involvement in strategic thinking
      Increased feeling of partnership
      Greater trust
    • Fixed Fees for Litigation
      Refined scope of work
      Lean project management
      Using change orders
      Comfort with risk
    • Two Kinds of Law Firm Fees
      Solution-based pricing
      Price is based on the value of the solution to the client
      Time-Based Pricing
      Price of legal services depends on time spent doing the work
      DO YOU AGREE?