Ark Group has published in May 2010 a book regarding alternative fee arrangements for legal companies, a book which focuses on fee restructuring inside the legal firm and offers a solution to billing clients using non-hourly rates: Alternative Fee Arrangements: Value Fees and the Changing Legal Market.
Patrick Lamb, the author, is one of the founding members of Valorem Law Group, LLC who was named by American Bar Association in 2009 as legal rebel. In January 2008, he and few legal consultants have started a new law firm based on non-hourly fee, as a result of his believers that value fee counts more and has more benefices than hourly fee, for lawyers as also for clients.
A fixed fee based on work value is more comfortable for the client as well as less stressful since costs would be more predictable from the beginning of the work. It also could be very motivated for the lawyer, in terms of using the right time (as quantity and quality) for a better efficiency. In this way, the attorney will manage much better his time spends with a matter, giving it a better value.
All these points as also how could a lawyer to evaluate the value of the fee for his legal services rendered, using management control tools, or how to adapt the company culture in order to start practicing a new fee structure, are very well described by P. Lamb in his book.
Alternative Fee Arrangements represent a step forward for a better relationship lawyer-client, as well as a step forward for obtaining a better law firm profitability and efficiency.
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