Summary
The benefits of moving away from hourly billing include price certainty, improved communication, and enhanced profitability for both clients and legal professionals, with AltFee leading the way in creating a system for alternative fee arrangements.
Key Takeaway from this Video
- Price certainty and communication: Moving away from hourly billing is advantageous for both clients and legal professionals, as it provides price certainty and fosters better communication.
- Improving profitability: Shifting to alternative fee arrangements, such as fixed fees, offers benefits for law firms by creating systems and improving profitability.
- AltFee a leader in AFA: AltFee is leading the way in developing a pricing system that facilitates the transition from hourly billing to alternative fee models.
Transcript
0:03 Moving away from hourly billing is really important. It is clearly a benefit for the clients in price certainty and better communication.
0:15 It's clearly better for the people that work in the industry where their worth is not solely dictated by the amount of hours that they can put in and it's good for the firm because it creates systems and improves.
0:31 Profitability and as a business that is good. It's a good thing. AltFee is at the forefront of creating the system for pricing that will allow firms to move from an hourly model to a model that's based on fixed fees or other types of alternative fee arrangements.