Now, as I mentioned in my summary of the GC Panel at the LMA Conference this year, Jeff Carr says he’s banned the word "alternative," because there should be nothing alternative about alternative fees.

But, for the sake of this recap, we’re going to use it, as that’s what the session focused on.  Tim Corcoran shared with us the salient points from the alternative fees session that he attended at LMA (and often speaks on himself). 

  • Most law firms are reactive when it comes to offering alternative fees because they’re concerned that they’re dilutive to profits. But the firms that have figured this out and are acting proactively are seeing business development opportunities and more work. 
     
  • There’s a correlation between value and charging – lawyers need to understand this. 

  • Firms that are more proactive have a toolkit – there’s recognition of what they use for various patterns, and a gating process for approval.
    • Firms still don’t have the greatest monitoring. They need to meet threshold levels, so monitoring is critical. 
       
    • Continually revise this toolkit – after each matter, figure out what worked, what didn’t, and what the scope was. 
       
    • Clients also have creative ideas – talk to them. 
       
  • Fees are moving from a last minute drop-in in the proposal stage to being done up front, with the rest of the proposal built around the billing. 
    • Don’t even start the process until billing is in order.
       
    • This is still driven by lawyers, but it’s becoming more symbiotic with marketing. 
       
  • Clients are coming to the table with much more information on billing (as I mentioned Janet Dhillon of JC Penney said), so be prepared! 

What trends are you seeing in alternative fees at your firms?  

 

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Photo of Lindsay Griffiths Lindsay Griffiths

Lindsay Griffiths is the International Lawyers Network’s Executive Director. She is a dynamic, influential international executive and marketing thought leader with a passion for relationship development and authoring impactful content. Griffiths is a driven, strategic leader who implements creative initiatives to achieve the…

Lindsay Griffiths is the International Lawyers Network’s Executive Director. She is a dynamic, influential international executive and marketing thought leader with a passion for relationship development and authoring impactful content. Griffiths is a driven, strategic leader who implements creative initiatives to achieve the goals of a global professional services network. She manages all major aspects of the Network, including recruitment, member retention, and providing exceptional client service to an international membership base.

In her role as Executive Director, Griffiths manages a mix of international programs, engages a diverse global community, and develops an international membership base. She leads the development and successful implementation of major organizational initiatives, manages interpersonal relationships, and possesses executive presence with audiences of internal and external stakeholders. Griffiths excels at project management, organization, and planning, writes and speaks with influence and authority, and works independently while demonstrating flexibility in thinking, especially in challenging situations. She also adapts to diverse and dynamic environments with constant assessment and recalibration.

JD Supra Readers Choice Top Author 2019

In 2021, the ILN was honored as Global Law Firm Network of the Year by The Lawyer European Awards, and in 2016 and 2017, they were shortlisted as Global Law Firm Network of the Year. Since 2011, the Network has been listed as a Chambers & Partners Leading Law Firm Network, recently increasing this ranking to be included in the top two percent of law firm networks globally, as well as adding two regional rankings. She was awarded “Thought Leader of the Year” by the Legal Marketing Association’s New York chapter in 2014 for her substantive contributions to the industry and was included in Clio’s list of “34 People in Legal You Should Follow on Twitter.” She was also chosen for the American Bar Association Journal’s inaugural Web 100‘s Best Law Blogs, where judge Ivy Grey said “This blog is outstanding, thoughtful, and useful.” Ms. Griffiths was recently chosen as a Top Author by JD Supra in their 2019 Readers’ Choice Awards, for the level of engagement and visibility she attained with readers on the topic of marketing & business development. She has been the author of Zen & the Art of Legal Networking since February of 2009.