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.

 


Features

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.

Columns

Big Ideas
The Harmony of Many Voices 

Business Development
AI: The Key to Bridging the Gap Between Legal and Sales Teams 

BP Perspective
Mapping a Client’s Financial Life Cycle: From Intake to Archives 

Diversity Dialogue 
How Your Firm Can Benefit from a Supplier Diversity Program 

Innovations
Building a Client-Centric Law Firm: A Roadmap for Attorneys

Tough Topics
How Pay Transparency Laws Can Help Your Recruitment Process

Departments

Industry News
Avoid Tax Surprises by Forecasting Cash Flow 

Tips and Trends
Is It Time for a Technology Health Exam at Your Firm?


ALA Now

ALA Faces
Anniversaries, Awards and Appointments 

At ALA
What's Happening at Headquarters

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! 

Members and nonmembers can read the article, then log in to take a test (members pay $49; nonmembers pay $69). If you pass with at least 70 percent, you will earn one CE credit hour. The goal is to help CLMs get the credits they need for recertification. 

  • Click here to read “Making Mental Health Matter” and earn one credit hour in human resources management.
  • Click here to read “Where Are Your Markers” and earn one credit hour in self-management skills.
  • Click here to read “Leading Through Change” and earn one credit hour in organizational development.
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