This report guides both lawyers and law firm leaders to adopt best practice budgeting and negotiation to ensure the prosperity of their firms. The advice in this report is supported by case studies which demonstrate the tried-and-tested nature of the methodologies advocated and by practical tools which can be adapted to suit readers'own practices.
This report guides both lawyers and law firm leaders to adopt best practice budgeting and negotiation to ensure the prosperity of their firms. The advice in this report is supported by case studies which demonstrate the tried-and-tested nature of the methodologies advocated and by practical tools which can be adapted to suit readers'own practices.
Executive summary...VII About the author...IX Acknowledgements...XI Part One: Understanding law firm fee models, budgeting and negotiation Chapter 1: The universal law firm fee continuum...3 Fee models adopted by law firms...3 Introducing the universal law firm fee continuum...4 Common positions on the continuum...4 Why firms must progress along the continuum...7 Chapter 2: How AFAs are intensifying the need for budgeting and negotiating skills...9 Alternative fees: Hype or reality...9 Continued forces of change...10 Impact of AFAs...14 Chapter 3: Alternative fees - Risks and how to avoid them...17 Risk 1: Alternative fees are not as profitable as hourly rates...17 Risk 2: Alternative fees transfer risk to the law firm...18 Risk 3: Alternative fees will lead to commoditization and erode premiums...20 Risk 4: Alternative fee structures are not compatible with billable hours targets...21 Chapter 4: Understanding law firm financial data - A prerequisite for successful budgeting and negotiating...23 The significance of profit...24 The importance of cash...26 Traps for the unwary...28 Actionable data...28 Chapter 5: Creating a realistic matter budget...33 Are budgets necessary?...33 The link between annual and matter budgets...34 Historic price information...35 Matter plans...36 Matter budgets...38 A word on tools...42 Chapter 6: Staying within budget - The art of legal project management...43 Executing the matter plan...43 Monitoring performance and making adjustments...44 Sizing up the legal project management revolution: Origins, implementation and future direction By Pamela Woldow and Douglas Richardson, Edge International...45 Chapter 7: Overcoming obstacles to negotiating fees...53 Overcoming obstacles at the individual lawyer level...53 Firm-wide support...56 Chapter 8: Managing the negotiation process...59 Negotiation stages...59 Chapter 9: How to obtain the desired fees and structures...65 Distinguishing value from price...65 Determining value...65 Creating options...68 Ingredients of winning proposals...69 Chapter 10: Tips, tactics and tricks...71 Tips...71 Tactics...75 Tricks...78 Chapter 11: Developing a strategy for better budgeting and negotiating...81 Taking stock...81 Developing and communicating vision and strategy...83 Chapter 12: Implementing change and embedding best practice...87 Developing personal insight...87 Changing structures and systems...88 Developing firm wide and individual capability...91 Changing firm culture...94 Delivering success...94 Part Two: Case studies Case study 1: DMH Stallard LLP - Business tools for budgeting, negotiating and client communication...101 The business tools...101 How the tools were developed...102 Implementation...102 Impact on the firm...103 Continuous improvement and challenges for the future...104 Case study 2: Crowell & Moring LLP - Using AFAs and value-based billing...105 Alternative fees used by Crowell & Moring...105 Genesis of AFAs at the firm...106 Spotlight on value billing...106 Impact on the firm...108 Client reactions to Crowell & Moring's fee propositions...108 Continuous improvement and challenges for the future...108 Case study 3: A client perspective...111 Procurement objectives...111 How procurement teams achieve cost savings...111 Preferred fee structures...112 How law firms can prepare for negotiations...113 Behaviour to avoid...114 How to impress...115 Part Three: Appendices Appendix 1: Matter plan template...119 Appendix 2: Matter budget template...121 Appendix 3: Pre-negotiation checklist...123 Index...127
Executive summary...VII About the author...IX Acknowledgements...XI Part One: Understanding law firm fee models, budgeting and negotiation Chapter 1: The universal law firm fee continuum...3 Fee models adopted by law firms...3 Introducing the universal law firm fee continuum...4 Common positions on the continuum...4 Why firms must progress along the continuum...7 Chapter 2: How AFAs are intensifying the need for budgeting and negotiating skills...9 Alternative fees: Hype or reality...9 Continued forces of change...10 Impact of AFAs...14 Chapter 3: Alternative fees - Risks and how to avoid them...17 Risk 1: Alternative fees are not as profitable as hourly rates...17 Risk 2: Alternative fees transfer risk to the law firm...18 Risk 3: Alternative fees will lead to commoditization and erode premiums...20 Risk 4: Alternative fee structures are not compatible with billable hours targets...21 Chapter 4: Understanding law firm financial data - A prerequisite for successful budgeting and negotiating...23 The significance of profit...24 The importance of cash...26 Traps for the unwary...28 Actionable data...28 Chapter 5: Creating a realistic matter budget...33 Are budgets necessary?...33 The link between annual and matter budgets...34 Historic price information...35 Matter plans...36 Matter budgets...38 A word on tools...42 Chapter 6: Staying within budget - The art of legal project management...43 Executing the matter plan...43 Monitoring performance and making adjustments...44 Sizing up the legal project management revolution: Origins, implementation and future direction By Pamela Woldow and Douglas Richardson, Edge International...45 Chapter 7: Overcoming obstacles to negotiating fees...53 Overcoming obstacles at the individual lawyer level...53 Firm-wide support...56 Chapter 8: Managing the negotiation process...59 Negotiation stages...59 Chapter 9: How to obtain the desired fees and structures...65 Distinguishing value from price...65 Determining value...65 Creating options...68 Ingredients of winning proposals...69 Chapter 10: Tips, tactics and tricks...71 Tips...71 Tactics...75 Tricks...78 Chapter 11: Developing a strategy for better budgeting and negotiating...81 Taking stock...81 Developing and communicating vision and strategy...83 Chapter 12: Implementing change and embedding best practice...87 Developing personal insight...87 Changing structures and systems...88 Developing firm wide and individual capability...91 Changing firm culture...94 Delivering success...94 Part Two: Case studies Case study 1: DMH Stallard LLP - Business tools for budgeting, negotiating and client communication...101 The business tools...101 How the tools were developed...102 Implementation...102 Impact on the firm...103 Continuous improvement and challenges for the future...104 Case study 2: Crowell & Moring LLP - Using AFAs and value-based billing...105 Alternative fees used by Crowell & Moring...105 Genesis of AFAs at the firm...106 Spotlight on value billing...106 Impact on the firm...108 Client reactions to Crowell & Moring's fee propositions...108 Continuous improvement and challenges for the future...108 Case study 3: A client perspective...111 Procurement objectives...111 How procurement teams achieve cost savings...111 Preferred fee structures...112 How law firms can prepare for negotiations...113 Behaviour to avoid...114 How to impress...115 Part Three: Appendices Appendix 1: Matter plan template...119 Appendix 2: Matter budget template...121 Appendix 3: Pre-negotiation checklist...123 Index...127
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