Today, nearly one in three matters is performed under an alternative fee arrangement, with flat fees being the most common. Clients like these arrangements because of the cost predictability, and from an attorney’s perspective, the risk of exceeding budget on a flat-fee matter can be effectively managed.
Under flat-fee arrangements, the goal is efficiency and predictability, not maximizing billable hours. These matters are still profitable, but properly scoping, estimating, pricing and managing the project is imperative. Integrating legal tech can further enhance your process, for three primary reasons:
• Cost efficiency and budget control;
• Data analysis and performance metrics; and
• Workflow automation and collaboration.
