Caution Required In Crafting Fixed-Fee Agreements

Law360, New York (June 11, 2010, 12:28 PM EDT) -- Fixed-fee arrangements are one of the most popular alternative billing models and the foundation of many other models. But to stave off a billing disaster, fixed-fee deals have to be well-defined and provide an opportunity for renegotiation to protect both sides from getting burned, lawyers and legal consultants said.

Fixed fees, like all alternative fee models, work best if the firm and client communicate regularly and trust one another. But to really work, consultants and lawyers said, it is imperative that the agreement allow for reconciliation...
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