The American Lawyer has a short but valuable article today about the role of fear in negotiating alternative fee arrangements: Clients fear they will get shoddy service for their money, and law firms fear they will lose money on many deals. The article deftly states that an open dialogue, sharing of financial information, and a foundation of trust can overcome these fears so that both the client and law firm can benefit financially.
With business a bit slow for many firms, now is the time to explore alternative fees with one or more clients. For more information on this topic, read Winning Alternatives to the Billable Hour by Mark Robertson and Jim Calloway.
