In The Press July 26, 2022

As Billing Rates Rise, Now Could Be A Big Moment For AFAs (Law360)

We've all heard the mantra in legal innovation circles declaring the billable hour is dead. Those predictions have never come to pass, but alternative fee arrangements have gradually gained popularity over the last two decades, and it appears the stars are aligned for a surge. Partners can be hesitant to pursue alternative fees after they try to use them once or twice and find there was a lack of alignment between the firm and client, said Michael Caplan, Chief Operating Officer of Goodwin. But as project management functions have become more sophisticated and as law firms give AFAs more tries, they learn how to use them to mutual benefit, Caplan said. A "partnered approach" is absolutely key, he said. That means pricing and operations professionals working alongside partners and in-house counsel working hand in hand with outside counsel when planning and strategizing and scoping a matter. Read the Law360 article here.