Now more than ever, law firms and companies are trying to move to Alternative Fee Arrangements (AFAs) for legal work, but navigating how to put AFAs into practice successfully is difficult. Having consultants who don’t just talk about AFAs from the sidelines, but who framed the national discussion on AFAs and have used AFAs for years can make a real difference.
Nicole Auerbach and Patrick Lamb, co-founders of the nationally acclaimed AFA law firm Valorem Law Group, provide consulting services through ValoremNext, a sister company to Valorem Law, focused on helping clients maximizing legal spend and prevent problems before they occur.
On a fixed fee project or retainer basis, ValoremNext provides these AFA consulting services:
For Law Firms:
- Help craft and structure AFAs for certain matters or portfolios of work;
- Advise firms about best practices to maximize profitability to the firm when handling working using AFAs
- Examine an AFA or portfolio of AFAs in progress to identify areas to maximize efficiency or profitability
- Craft standard engagement letters for use with AFAs
- Provide certain tools (Early case assessments; task lists; decision trees) to use to make AFAs even more successful
- Be available as-needed for questions and general advice on AFA matters as issues arise.
- Advise companies about how to move some or all of its outside-counsel work to AFAs, including the recommended pricing structure for matters, best practices for using AFAs and guidelines to give outside firms utilizing AFAs;
- Assist with crafting RFPs to use with outside counsel on AFA matters, and assist with reviewing the responses to select the firms most likely to utilize AFAs effectively;
- Act as Coordinating Counsel to oversee the outside firms using AFAs to ensure they are complying with company guidelines and utilizing AFAs effectively for the company;
- Assist with assessing AFA proposals from outside counsel;
- Conduct training for outside firms on how to implement and use AFAs;
- Be available on as-needed basis for questions and general advice on AFA matters as issue arise.
As BTI Consulting has reported, outside counsel spend on AFAs is at an all-time high.
Done correctly, companies are saving millions of dollars in annual legal spend by moving to AFAs.
ValoremNext can assist law firms and companies capitalize (and improve) this trend.
Contact Nicole Auerbach or Patrick Lamb to discuss how we can harness our collective experience for you.