United States:
Raise Your Firm's Billing Structure ROI
29 March 2016
Fox Rothschild LLP
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Mark L. Silow was quoted in the Legal Management
article, "Raise Your Firm's Billing Structure ROI."
Full text can be found in the March 15, 2016, issue, but a synopsis
is below.
Facing increased competition for a reduced amount of available
work, many law firms have encountered greater pressure to woo
clients with attractive pricing. For some, that has meant offering
a greater number of alternative fee arrangements (AFAs), which
provide clients with additional cost predictability.
Fox Rothschild has used AFAs for a long time. According to
Firmwide Managing Partner Mark Silow, the 750-attorney firm, which
has 22 offices in the United States, has explored alternate
arrangements throughout its 109 years in business.
"Clients want lawyers to have some skin in the game,"
Silow said. "Most lawyers would be very happy to continue
billing by the hour and going merrily along. [But] clients have
leverage — that's why AFAs are gaining
acceptance."
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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