An Economic and Demographic Case for Alternative Fee Agreements

An Economic and Demographic Case for Alternative Fee Agreements

We have known for some time that the profession is aging.  Until now the effect of such aging could have on law firm revenues has been masked entirely by raising hourly billing rates well in excess of general inflationary pressures, rising costs of operations and the increased experience of its practitioners.  Now we are in an environment where competitive and market forces will almost certainly alter the ability to raise hourly billing rates consistent with historic patterns.  The time has come to embrace alternatives to hourly pricing.

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