Time and time again, law firms choose traditional billing models to exchange their knowledge for compensation. But, as the economic climate changes and technology advances, there will be diminishing tolerance for increasing hourly rates or even blended rates that attempt to lower the overall costs of service. In some instances, attorneys may simply not want to change because the traditional, hourly billing model has worked for them and they perceive that it will continue to do so despite changing tides. In other instances, attorneys may hesitate to alter from the traditional model in fear that doing so may cause them to break an ethical rule.
Join attorneys Rania Sedhom and Melissa Mayhew of Sedhom & Mayhew, PLLC (A Bespoke Law FirmTM) as they illustrate the benefits of alternative fee arrangements (AFAs), ethical considerations in creating AFAs, and highlights from some successful alternative client relationships. The presentation explores the ever-increasing popularity of a still under-utilized approach to the practice of law. Learn how to create an AFA without running afoul of the ABA’s ethical rules. Distinctions or parallels (as applicable) from New York and California are also explored.
I. Grasp legal and business framework for sustainable and profitable AFAs
II. Know the ABA rules that govern alternative fee arrangements
III. Distinguish and draw parallels for New York and California ethical rules
IV. Know the most important ingredients to ethical alternative billing arrangements
V. Apply alternative fee arrangements through real world examples of success (and failures)
Program Attorney: Sigalle Barness
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