This program is co-produced with the Wisconsin Association of Legal Administrators.

About the program

• Program Ouline
• Presented by Michael F. Moore, founder of Moore’s Law

Retain clients with alternative fee arrangements

Does billing legal services by the hour encourage inefficiency? After all, the longer a task takes the more the client pays. Clients want to pay for results, not time. They want predictable costs, not surprises. They would prefer alternative billing models that encourage efficiency and cost effectiveness.

Various options have emerged including:

• fixed fees
• flat fees
• blended fees
• contingency fees
• capped fees
• retainers
• discounts

In the current market, lawyers who market alternative billing options may even find some disenchanted clients receptive to the idea of changing lawyers. Lawyers and firms who understand and implement alternative billing strategies can create growth opportunities.

To implement alternative billing strategies and increase profitability, legal services must be provided in a timely, efficient, and cost-effective manner. A variety of critical factors must be considered prior to implementation. Non-hourly rate pricing changes the calculus of risk and should cause firms to examine whether somewhat tighter practice management methods are needed.

What to know before you change strategy
This program will offer a brief summary of billing practices and examine various alternative billing arrangements. The discussion will also review a matrix of implementation issues including potential methods to increase law firm profitability. You’ll learn why alternative fees are a necessary weapon in the continuous battle to attract and retain clients.  

This program is part of the Developing Attorney Business Skills Webcast Series.

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