Alternative Billing Session at #ILTA09

VMaryAbraham: At the Alternative Billing Session: Tom Gaines, Jeff Brandt, Jeff Rovner & Eugene ("call me Jeff") Stein. #ilta09

• backofthenapkin: Use tech for profit: still use hourly recording but bill on fix fee. Must chg how associate success is measured. #ilta09

• VMaryAbraham: Brandt: "Technology is rarely the sole cure for any business problem." #ilta09

• VMaryAbraham: Rovner: There are knock-on changes. We used to measure worth by # of billable hours. Now we value results. #ilta09

• VMaryAbraham: Stein: They develop more specialized associates to provided targeted work for clients, rather than jack-of-all-trade associates. #ilta09

• VMaryAbraham: Stein: They changed their staffing model. More paralegals w/ more responsibility. Partners operate like project managers. #ilta09

• VMaryAbraham: Stein: His firm was paid ONLY upon closing = incentive to finish quickly. #ilta09

• VMaryAbraham: Stein: Once they offered a fixed fee, they got more work from the client than was planned. (Work taken from other firms.) #ilta09

• VMaryAbraham: Stein: Once you have a fixed fee arrangement, the firm assumes risk of cost overruns. In exchange, the firm shld ask 4 more work. #ilta09

• VMaryAbraham: Stein: The key is to understand exactly how the work is accomplished, & what discrete pieces R commodities that can B done cheaply. #ilta09

• VMaryAbraham: Stein: Lower fees 2 clients are offset by lower costs of production, so firm retains profitability. #ilta09

• VMaryAbraham: Stein: Ways to reduce client costs = alt billing + lower the firm's cost of production. #ilta09

• bren924: In addition to lost profits on reduced rates, clients are refusing to pay certain disbursements, further reducing prof/partner #ilta09

• VMaryAbraham: Stein: In addition to the discount in rates, there is also a cut in the disbursements clients are willing to pay for. #ilta09

• mikemac29: Speakers talking about subject that hits home as new Lit Supp Mgr, way we've always done things may not be good enough anymore. #ilta09

• VMaryAbraham: Remember: There were flat fees 25 years ago. But clients demanded hourly rates then. Now they want fixed fees. #ilta09

• VMaryAbraham: Gaines: This isn't necessarily the death of the billable hour. We just need to offer alternatives. #ilta09

• mikemac29: Panel sees area of growth for techs with business savvy and leadership skills, right now leadership is in short supply #ilta09

• bren924: Food for thought in the alternative fee discussion? http://bit.ly/3jXFLg (expand) (via @brucecarton) #ilta09

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