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

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Alternative Fee Arrangements: Pricing for a Win-Win Relationship

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

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