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How Lawyers Can Easily Offer
Alternative Fee Arrangements
May 11, 2017
888-432-1529 www.rocketmatter.com
888-432-1529 www.rocketmatter.com
72% of firms are reacting with AFAs
in response to client requests
888-432-1529 www.rocketmatter.com
What about the 28% that
proactively initiate AFAs?
888-432-1529 www.rocketmatter.com
84% find their non-hourly projects
to be at least as profitable. Reactive
firms only report that in 51% of their
non-hourly projects.
888-432-1529 www.rocketmatter.com
40% of proactive firms report their
non-hourly projects are more
profitable than their hourly projects,
compared to only 10% of reactive
firms
888-432-1529 www.rocketmatter.com
How can you make offering AFA’s a
reality for your firm?
888-432-1529 www.rocketmatter.com
Some of Your Options
Fixed or Flat Fee
Contingent Fee
Performance-Based/ Success Fee/
Holdback
Task Based Billing
Retrospective Fee
Hybrid Fee
888-432-1529 www.rocketmatter.com
Three issues to tackle:
1) How to recognize when an alternative
fee agreement is appropriate
2) How to turn that into a contract that
accurately reflects the relationship and fee
agreement
3) How to effectively manage the fee
agreement over the lifetime of the case.
888-432-1529 www.rocketmatter.com
Part 1: Recognizing when an Alternative F
Arrangement is appropriate
888-432-1529 www.rocketmatter.com
How attorneys approach these
scenarios…
1) Complex Business Litigation
2) Divorce, Transactional & Litigation Flat Fee/
Capped Fee
3) Leveraging the Contingency Arrangement
888-432-1529 www.rocketmatter.com
Part 2: Translating the Alternative Fee
Arrangement into a Fee Agreement
888-432-1529 www.rocketmatter.com
The Fee Agreement
1) Make sure it represents what each
party’s intent is
2) The devil is in the details! Footnote
examples are helpful here
3) Make sure you are always aware of what
your agreement is
888-432-1529 www.rocketmatter.com
Part 3: Managing the Fee Arrangement
888-432-1529 www.rocketmatter.com
Use your Practice Management
Software
1) Custom Rates
2) Recurring Billing and Payment Plans
3) Tracking time and sending invoices
4) Reporting as a tool
Fee
Agreement
Resources
888-432-1529 www.rocketmatter.com
Your State Bar’s Member Resources Site
888-432-1529 www.rocketmatter.com
Publications from the ABA
Questions?
Thank You!
nefra@rocketmatter.com | dpoterek@theburtonfirm.com

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How Lawyers Can Easily Offer Alternative Fee Arrangements

Editor's Notes

  1. Daniel Poterek is a Partner at The Burton Firm, P.A.  At his firm, Daniel manages all aspects of complex litigation in state and federal courts. He has built a client base for a diversified legal practice that focuses on employment disputes, business consulting, commercial law, family law, business transactions, and real estate. Daniel has experience with cases involving violations of state and federal employment laws, retaliation claims, wrongful death, defamation, fraud, negligence, civil conspiracy, tortious interference, breaches of contract, and intentional infliction of emotional distress. Daniel received his Bachelor of Arts from the University of Miami in 2007 and his Juris Doctor from the University of Miami School of Law in 2010.
  2. Nefra
  3. Nefra Nearly all firms surveyed as a part of Altman Weil’s 2016 Law Firms In Transition survey (97%) bill at least some of their work on a basis other than rates times hours. Among those engaged in AFA’s, far more firms are likely to take a reactive approach in response to client requests
  4. Nefra
  5. Nefra
  6. Nefra
  7. Intro Daniel
  8. Daniel: Fixed or Flat Fee Contingent Fee Performance-based/ Success Fee/ Holdback Task Based Billing Retrospective Fee Hybrid Fee
  9. Daniel: 1) How to recognize when an alternative fee agreement is appropriate 2) How to turn that into a contract that accurately reflects the relationship and fee agreement 3) How to effectively manage the fee agreement over the lifetime of the case.
  10. Nefra to Intro and Banter This is the section where we’ll go through hypotheticals
  11. Hypo #1, Hybrid: Complex business litigation case. A represents P. Asked about countersuit possibility, with multiple defendants. Will be a defense side to this case as well. All work being billed at a reduced hourly rate, if recover on plaintiff’s side, would receive a contingency fee. Client got a reduced hourly rate, felt comfortable knowing we had skin in the game to win the case. Hypo 2, Flat Fee/Fixed Fee/Capped: Popular in divorce cases, transactional, litigation. Hypo 3, Contingency: Evaluate possible recovery and expected costs. 1) Pure contingency, 2) Reduced contingency with client responsible for up-front costs and evergreen cost retainer, 3) Reduced contingency with hourly built in
  12. This is the section where we’ll go through sample agreements
  13. 1) Make sure it represents what each party’s intent is 2) The devil is in the details! Footnote examples are helpful here 3) Make sure you are always aware of what your agreement is
  14. Nefra- This is the section where we’ll go through Rocket Matter and how to document certain arrangements, how billing works, reporting, etc.
  15. Transition to RM Demo
  16. Websites, books, etc.
  17. When do attorney’s costs get calculated?