Legal Management Magazine
Legal Management reports on topics within ALA’s five knowledge areas: Legal Industry/Business Management; Human Resources Management; Financial Management; Communications and Organizational Management; and Operations Management.
February 2024: On the Cover
How Law Firms Are Achieving Billable Hour Success
The support firms provide can encourage buy-in from both clients and employees.
An alternative fee arrangement (AFA) — most often, a flat fee — is now used in nearly a quarter of law firms’ work, according to Bloomberg Law. Yet billable hour-based pricing is still going strong. A 2023 Association of Corporate Counsel report found more than three-quarters of firms charge outside counsel standard hourly rates for their services, and 8 in 10 legal departments pay a discounted hourly amount for law firms’ work.
Provided firms have robust enough data to accurately estimate costs, AFAs can be a good fit for practice areas that involve repetitive processes, such as intellectual property and labor employment, says Robert Kamins, Principal and Founder of Vertex Advisors, which provides financial and other management consulting services to law firms. However, while some firms may assume their clients, regardless of matter type, would typically prefer an AFA over hourly billing, that’s actually not always the case, Kamins says. Read more.
Building Natural Rainmakers, One Lawyer at a Time
These tips can help you coach your attorneys on how to build relationships — and business.
In this competitive legal landscape, having attorneys who can sell is critical. But it’s not a skill that comes naturally to some and isn’t taught much (if at all) in law schools. Regardless of practice size (and attorney comfort level), it’s critical they engage in building a firm’s book of business. But inspiring them to do so can be a bit of a challenge. Read more.
The Harmony of Many Voices
AI: The Key to Bridging the Gap Between Legal and Sales Teams
Mapping a Client’s Financial Life Cycle: From Intake to Archives
Earn CE Credit
As of April 2021, Legal Management is no longer publishing new CE courses. Check out our archived courses below. They are still available!
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- Click here to read “Making Mental Health Matter” and earn one credit hour in human resources management.
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read “The Risk of Idolizing False Profits;” and earn one credit hour in financial management.
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