Is spending time reviewing your outside lawyers’ bills the highest and best use of your (or your team’s) time? Trust us, you’d feel much better if you used a fee structure that allowed you to put that time to more valuable use.
Value Tips of the Day are reprinted here from the Valorem App, available
Show, don’t tell. Keep it simple and compelling.
It’s the right lesson for trial. It’s the right lesson for marketing.
Companies that have tried alternative fees have reported real savings of 15% or more. Is your company so exceptional that you shouldn’t pursue this result?
Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.
On the Sunday following Steve Jobs’ resignation as CEO of Apple, the New York Times contained an interesting article, Reaping the Rewards of Risk-Taking that understandably praised the innovative work of the man many consider America’s greatest innovator. The article goes beyond simply praising Jobs, though, and discusses the traits of disruptive innovators:
The academics
Have you seen the data that proves that discounted hourly rates is the least effective way to lower legal spend? Ask us. We have.
Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.
Give it to the litigators (they’ll eat anything!)
Have litigators review your contracts. Corporate lawyers repeat provisions without knowing how the terms hold up in court. Litigators have a keen eye for things that don’t make sense on the face of the agreement, and can steer you clear of obvious pitfalls which, in the end,
If they talk the talk, make sure they walk the walk…
Hold your outside firms to their diversity promises. Require monthly breakdowns of the actual percentage of work done by diverse attorneys and paralegals, and if they are not living up to your expectations (which should be high, by the way), then insist on adjustments
Lokel yokel.
If you have an out-of-state matter that requires local counsel, have your main counsel hire and supervise the local counsel and include the local counsel fees in their bill to you. More incentive for efficiency and less bill reviewing for you. Better yet, make your main counsel include the pricing of local counsel
“I’m shocked, shocked to find that gambling is going on here.”
Captain Renault to Rick Blaine, in Casablanca.
Law Firm Profits Called Inflated, from the Wall Street Journal. The source is a person briefed on an analysis by Citi Private Bank Law Firm Group.
I’m shocked, shocked.
The long and winding road ….
Studies show that the longer litigation continues, the more expensive it is. Give your firm incentive to conclude litigation quickly — like a success bonus for resolving within a certain period of time.
Value Tips of the Day are reprinted here from the Valorem App, available for iPad and