Raise Your Firm’s Billing Structure ROIMarch 15, 2016 – In The News
Mark L. Silow was quoted in the Legal Management article, “Raise Your Firm’s Billing Structure ROI.” Full text can be found in the March 15, 2016, issue, but a synopsis is below.
Facing increased competition for a reduced amount of available work, many law firms have encountered greater pressure to woo clients with attractive pricing. For some, that has meant offering a greater number of alternative fee arrangements (AFAs), which provide clients with additional cost predictability.
Fox Rothschild has used AFAs for a long time. According to Firmwide Managing Partner Mark Silow, the 750-attorney firm, which has 22 offices in the United States, has explored alternate arrangements throughout its 109 years in business.
“Clients want lawyers to have some skin in the game,” Silow said. “Most lawyers would be very happy to continue billing by the hour and going merrily along. [But] clients have leverage — that’s why AFAs are gaining acceptance.”