Summary
Here at AltFee we have identified a need for change in the legal industry away from hourly billing, and designed a product that help's lawyers transition to alternative fee arrangements. AltFee is a SaaS product driven by technological advancement and client demand for price certainty and efficiency.
Key Takeaway from this Video
- Recognition of a broken model: The traditional hourly billing model was originally created by lawyers to seize profit opportunities, but is now recognized as a system in need of improvement and an obstacle to creating a better work environment in the legal industry.
- Introducing AltFee as a solution: AltFee is a SaaS product that aims to assist lawyers in transitioning away from hourly billing, addressing the changing demands of clients and leveraging technology to create more efficient and alternative fee arrangements.
- Client demand and technological advancement: The legal industry is an evolving landscape, where clients are seeking price certainty and alternative pricing models. Technological advancements are driving the need for reevaluation and the exploration of more efficient approaches to legal services.
Transcript
0:05 I am incredibly passionate about providing a better place for people to work in the legal on industry. I feel like the model is broken and with that in mind, I believe that we should move away from hourly billing.
0:20 And what we've done is we've created a SaaS product known as AltFee, which helps lawyers do just that. Without the tool, it's a scary proposition for lawyers and I think AltFee is the solution.
0:33 The world's changing, technology is exploding and the legal industry is being affected by all these changes.
0:42 Clients are demanding other ways of pricing and with all that in mind, we've created AltFee solutions, which creates a system to really help lawyers move away from pricing by the hour.
0:57 The hourly billing model has been in existence since the 60s. It was created because lawyers felt they were missing out on a profit opportunity and over that, it's become so entrenched in the legal industry.
1:11 So what's happening in the world right now is technology is exploding.
1:20 And it's making us relook it, how we've done things in the traditional ways and how we create efficiencies, how we take advantage of technology.
1:27 Well, alternative fee arrangements are really a byproduct of that. Clients are looking for price certainty and wanting a better system.