Guest post by Pam Woldow, Partner and General Counsel at Edge International, Inc.
On Wednesday, August 24th, at 9:15 am, you are invited to learn how key players from Finance, IT, Knowledge Management, Business Development, Professional Development, Legal Project Management, Records, and other disciplines can join forces to help their law firms optimize success with AFAs – Alternative Fee Arrangements.
AFAs are hot, and getting hotter. Time-based billing is under attack from clients who judge results on the basis of the value conferred, not the time spent conferring it. Lawyers locked into 1/10-hour billable increments will have to adapt to new ways of charging for legal services or risk being left in the competitive dust.
The AFA “drivers” are clear: tighter client budgets…pressure to curb legal costs…increasing client demands for greater predictability of legal spend. Unfortunately, many firms find themselves in the dark when trying to master all the different kinds of AFAs or to craft AFAs that make clients smile while preserving firm profitability.
It requires a “village” of multi-disciplinary professionals to make the most of AFAs, and ILTA has convened an all-star panel to show you how to create your own AFA village. Three of the top experts in legal information and management, Tom Baldwin (Reed Smith), Toby Brown (Vinson & Elkins) and Pam Woldow (Edge International) will discuss best practices for drawing on the diverse expertise of internal firm experts to craft, implement and manage AFAs.
The focus will be on practical and effective tactics and techniques for tapping essential information and developing practical approaches to creating fee structures that meet both client needs and firm profitability targets.
For more information, visit the official ILTA Conference website page: It Takes a Village to Deliver Effective AFAs or visit the Conference Overview Page, where you can see detailed session agendas and read about the five other Knowledge Management Peer Group track sessions.
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