Recently, there have been articles discussing the shift to alternative fee arrangements (AFAs) and whether law firms are too quick to comply with client demands regarding billing practices. In an industry where firms have thrived on the billing hour this shift can be worrying to law firm leaders. You can read about it here, here, and here.
The legal industry is changing with technology presenting new solutions to help law firms and corporate legal departments stay competitive. Yes, clients are demanding more transparency and efficiency from their outside counsel. There will be more AFAs but the billing hour isn't going away anytime soon. We believe these market disruptions aren't problems but opportunities to add value and develop differentiation amongst the competition whether you are the law firm or client/company.
This quote best sums up how we think law firms and corporate legal organizations should tackle the changing market landscape:
"These leaders don’t shy away from market problems. They pursue the best solutions to better continue navigating their firms and law departments with fearlessness, confidence, and security."