You Deserve A Break Today – Alternative Fee Structures for Insurance Recovery Law Firms
Clients often complain that elite full service law firms pay lip service to the concept of flexible billing arrangements, but seldom deliver with creative flexible solutions. Although individual lawyers may want to be flexible, committees and rules can get in the way. This is understandable. One of the biggest risks law firms face are bad business deals made by individual lawyers.
To prevent this, most elite law firms have strict guidelines when it comes to alternative fee agreements. For example, small discounts may be left to the discretion of an individual billing attorney, but when discounts increase beyond say 10 percent, a series of rules and approvals quickly swing into play. Full and partial contingencies are even more problematic. The concept of contingencies, after all, does not apply to most practice areas. If an attorney, for example, successfully defends a case, that is worthy of a victory celebration. But a defense win, in and of itself, does not generate a direct, substantial and easily quantifiable revenue stream for the client. Because of this, contingency committees tasked with approving contingencies at the better full service law firms tend to be overly risk averse. In the end, the guidelines and procedures set up by these firms can result in inflexibility rather than flexibility.
Offering The Fee Flexibility That Corporate Clients Need And Deserve
General Counsel’s offices throughout corporate America, and the world, are mandating alternative fee arrangements. Elite boutique insurance recovery law firms, such as Miller Friel, can offer the flexibility that corporate clients need and deserve. The fact that we practice only in the area of insurance recovery law, permits us to instinctively understand insurance recovery claims in a way that others simply can’t do, no matter how much legal research they conduct. It also has allowed us to proactively address the issue of alternative fee agreements for insurance recovery law. Rather than react to this mandate on a case by case basis, we have pre-approved flexible billing arrangements that can save our clients considerable expense over straight hourly billing. Miller Friel does not take on all potential clients. But, when we do, we are committed to their success, and we are willing to partner with them, both on risks and rewards.
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