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Tag Archives: AFAs

Insurance Best Practice: How to Implement AFAs in Phases

Insurance Best Practice How to Implement AFAs in Phases

According to data from the latest Enterprise Legal Management Trends Report, the insurance industry experiences the lowest volatility in legal fees.  The report notes “volatility is a calculated indicator of blended rate variability.  Higher numbers suggest a better opportunity to negotiate rates and or the assigned time keeper mix.” On this graph, the vertical markets of “Regulatory & Compliance” and ... Read More »

AFAs:  A Budget with Consequences

AFAs A Budget with Consequences

Over the span of a decade, one company says it more than tripled its revenue while cutting its legal spend by a little more than 30%, while only adding four more in-house attorneys over four years. That seems to be a prime example of a corporate legal department doing more with less – and AFAs seem to be a key ... Read More »

10 Authentic Tips for implementing AFAs in Legal Billing

10 Legitimate Tips for implementing AFAs in Legal Billing

The alternative fee arrangement or AFA, is one of those recurring trending topics in the legal industry.  It ebbs and flows with arguments on all sides – for, against and undecided. Just ahead of the American Lawyer big law rankings, an article in the Washington Post, which is cited below, made the rounds in news, blogs and social media. We ... Read More »

Infographic Friday: The Case Against Billable Hours

AFAs increase firm size decrease

Data suggests that smaller firms are more inclined to structure alternative fee arrangements (AFA) than larger firms.  However, as so often in law, such assertions –  even data driven assertions – are not always so cut and dry.  Whether that’s true or not might be better answered by saying, “It depends.” It does depend. The graphic below the headline on this ... Read More »

Four Reasons Why Alternative Fees are here to Stay

As we can see from search trends, AFAs spiked dramatically in 2008 and have remained high.

As we can see from search trends, AFAs spiked dramatically in 2008 and have remained high. When Law Technology News Editor-in-Chief Monica Bay took the stage at ILTA to run a Q&A following Tuesday’s key note presentation she made a reference to alternative fee arrangements: She’s been forecasting the rise of AFAs for 15 years and while AFAs are certainly ... Read More »

Seven Takeaways from BTI Corporate Counsel Benchmark Study

MoneyMagnet

BTI Consulting Group just released its newest study: Benchmarking Corporate Counsel Management Strategies which is based on 240 interviews with corporate counsel at large and Fortune 1000 companies. The data were collected between March 22 and September 12, 2012. Here are seven takeaways: General Counsel priorities are changing. The survey found the top goal for corporate counsel is delivering more ... Read More »

Seven Essential AFA Articles Every Lawyer Should Read

AFAs, legal

So much of the conversation on alternative fee agreements (AFAs) only serves to stir confusion rather than clear it up.  From a business perspective, AFAs are nothing more than a pricing strategy, something both companies that provide products and services experiment with all the time. Think about it in the context of department stores: who is the target market and ... Read More »