Alternative Fee Arrangements Gaining Popularity Among Law FirmsMay 19, 2015 – In The News
Mark Silow was quoted in The Philadelphia Inquirer article, “Alternative Fee Arrangements Gaining Popularity Among Law Firms.” Full text can be found in the May 19, 2015, issue, but a synopsis is below.
Under client pressure during the recession, many law firms moved away from hourly charges, offering clients flat fees or billing based on case outcomes.
According to Mark Silow, firmwide managing partner at Fox Rothschild, the flat fee trend has as much to do with the demystification of legal services as with the financial pressures brought on by the recession.
“Legal services have always straddled the line between being a profession and being a business,” Silow said. “And it being a business, it was just a matter of time for the walls to come tumbling down. I think it is just the age we live in. It has happened to medicine, it has happened to media, it is happening in every aspect of business.”