Demystifying Alternative Fee Arrangements

Law360, New York (December 6, 2010, 1:55 PM EST) -- Alternative fee arrangements (AFAs) are the rage in today’s legal community. According to many recent publications, the billable hour has been declared dead and is now six feet under. This pronouncement is, of course, hyperbole. Indeed, notwithstanding the many well-publicized benefits that AFAs offer, many in-house counsel remain wedded to the billable hour and are reluctant to experiment with AFAs in reasonably complex litigation matters. Why is this so? The answer may be because of the lack of information.

In-house counsel simply do not, and often...
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