Delivering service by the hour is old news. Everyone is familiar with flat fee structures and alternative fee arrangements, but are law firms ready to deliver a truly outsourced managed service? Effective managed service models create efficiencies within the in-house team through reliance on external counsel to be the first contact for the business, and then communicating to the in-house team valuable information about the deals handled by the law firm: trends in the contracts, frequently negotiated topics, business gaps, metrics about the workflow (how many contracts, from where, what types, etc.). Valuable business insight is in the hands of our external counsel, yet the client team rarely benefits from that knowledge. This advanced program will dive into the nuances of what makes a managed service in the industry of law services, and will review the unique benefits that clients glean from such a transformational model.
This checklist provides a list of questions when entering into a discussion with outside counsel on alternative fee arrangements.
A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences.
This presentation reviewed some of the latest case studies and heard from both in-house and external counsel how best to implement value-based billing and alternative fee arrangements at a Pan-European level.
This presentation reviewed some of the latest case studies and heard from both in-house and external counsel how best to implement value-based billing and alternative fee arrangements at a Pan-European level.
This presentation reviewed some of the latest case studies and heard from both in-house and external counsel how best to implement value-based billing and alternative fee arrangements at a Pan-European level.
This article focuses on the different value-based approaches and what it takes to not just make them work, but thrive. It stresses the need for a true partnership to develop between in-house and outside counsel. When a true partnership is formed, waste is eliminated for in-house counsel, while profits are maintained, and sometimes even enhanced, for outside counsel. The article delves into the need to diverge from the "I hire the lawyer, not the firm" mentality and place emphasis on the product that is the practice group instead. Finally, it touches on a few misconceptions concerning alternative fee arrangements and how to best measure the value from those arrangements.
<p/>This ACC Value Challenge resource is part 3 of a 3 part series. To view the other resources in this series, please click here:</p>
<p class=><a id=CP___PAGEID=1365185| href=/legalresources/resource.cfm?show=1365185>ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)</a></p><p class=><a id=CP___PAGEID =1365193| href=/legalresources/resource.cfm?show=1365193>ACC Value Challenge: Facing Up to the Challenge - Law Firm Metrics (Part 2)</a></p>