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Informed calculations: How IT can support costing and pricing of AFAs

The key to profitable alternative fee arrangements is disciplined ?costing and pricing supported by technology, says Neil Cameron

18 September 2012

This article looks at the problems of teaching lawyers how to cost (i.e. estimate fees) before they price (i.e. work out what the market will bear), and then to manage the accumulation of time against a budget breakdown so as to manage the matter to meet client expectations on costs and their firm’s expectations on profits. Finally, it deals with the latest technologies that will help with achieving these objectives.

Several decades ago, there started to appear on the agendas of legal management conferences new sessions on the death of the billable hour. These sessions would cover the issue of how clients wanted to migrate from time-based billing to value-based billing and that this would imminently result in the cessation of time-based charging.

While the death of the billable hour may have been greatly exaggerated, law firms are faced again (as they are in every rece...

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