Bonus Fees Must Be Simple To Be Successful

Law360, New York (June 15, 2010, 10:13 AM EDT) -- Legal industry consultants have advice for lawyers and clients on how best to craft bonus fee arrangements: Keep them simple.

Alternative fee arrangements with a bonus component can take a number of forms. Frequently, clients and law firms enter into flat-fee agreements in which they hold back a portion of the fee every month and award the hold-back total or a multiple of that amount if the case goes well.

According to the Center for Competitive Management's 2010 Alternative Billing Benchmarking Study released in April, only...
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