An emerging shift in the legal profession is the demand by corporate clients for an alternative fee arrangement. That means Baton Rouge’s larger law firms—in particular—are reassessing the traditional model of billing by the hour and, instead, are considering more creative payment options.
Many clients are already requesting either flat fees or blended fee arrangements, and the concept is gaining traction locally because it offers a predictability that hourly rates don’t. For starters, it allows companies to better plan and stay within their yearly legal expenditure budgets.
Some in the legal profession say the trend holds attorneys accountable for the value they provide to their clients in a timely manner. It also creates an added layer of trust between attorney and client.
While it might be more work for the lawyer, alternative fee arrangements reveal how clients now expect their legal counsel to be more efficient and innovative. This year, expect legal fee estimates to become even more precise and at least some time to be saved from the tedious process of hourly billing. Clients demand it.