Alternative Fee Arrangements for Corporate Clients
The negative effects of time-based billing have been exposed for quite some time yet it still underlies the bulk of law firms' billings to corporate clients. How can outside counsel move away from time-based invoices? What benefits will the firms and their clients realize from such a migration? How easily can they do so?
In light of the pernicious impact that the hourly rate has had on client/firm relations, the experiment may be very worthwhile even if the ultimate destination remains obscured.