Alternate Fee Arrangements
- Daniel Berman, Wood Smith Henning & Berman LLP
- Dorothy Capers, US Foods, Inc.
- Tim Diveley, Fireman's Fund Insurance Company
This Session will be held on October 17, 2014 01:30 PM
Due to the recent economic climate and challenges facing the insurance industry, corporations have been forced to consider a new approach to reducing their overall litigation costs. While the traditional standard of hourly billing will not go away, the industry is looking at Alternative Fee Arrangements. If implemented properly, Alternative Fee Arrangements can help align a firm’s goals with their client’s goals by facilitating early resolution of cases. The combination of cost savings, cost certainty and alignment of the law firm’s interest and the client’s interest can result in a “win-win” for all.
Upon completion of this course, the participant will:
- Gain knowledge of the mechanics of Alternative Fee Arrangements.
- Know what the benefit for the firm and the client are in using Alternative Fee Arrangements.
- Decide what cases are good candidates for Alternative Fee Arrangements.
- Know which type of Alternative Fee Arrangements will best suit your clients needs (e.g., fixed fees, flat fees and bonus arrangements).
- Understand legal ethics consideration for Alternative Fee Arrangements.