MAXIMIZE THE BENEFITS OF ALTERNATIVE FEE ARRANGEMENTS

August 3, 2012

 

The ability to innovate and adapt are two common characteristics of any thriving business.

The past five years have shown both corporate legal departments and law firms the obstacle of financial hardship. Faced with calls for stricter budgeting and more emphasis on creative ways to sustain profits, one solution across the legal industry is the alternative fee arrangement (AFA).

In this video both inside and outside counsel discuss how efficiencies in legal research play a major role in maximizing the benefits of alternative fee arrangements.

Bottom line, more and more corporate legal departments are requesting flat fees or other types of AFAs from their outside counsel in order to create some predictability and better management of costs. Many law firms are not only responding to these requests but actually setting themselves apart from their competition, implementing their own processes that appeal to corporate legal departments shopping for outside counsel.

Many law firms and legal departments are already leveraging the advancements in online legal research technology to gain efficiencies and better meet the needs of clients. One tool that is enabling law firms to offer more AFAs is WestlawNext which debuted in February 2010, giving subscribers a leg up with the ability to complete research tasks 64% faster than before. Legal departments know this and know that firms using WestlawNext can better control their legal costs. Law firms are using it to differentiate their client service by completing research better and faster.

For more information about how WestlawNext increases efficiency by 64%, read the efficiency study.