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Expert Analysis

Value-Based Billing: Getting It Right

Law360, New York (March 9, 2015, 1:40 PM EDT) -- Over the past decade, legal departments have explored numerous alternative approaches to traditional law-firm fees, from fixed fees to contingent fees and holdbacks. The goal: Move beyond the traditional hourly billing model and ultimately control costs. Many have seen great promise in these efforts; nevertheless, the reality today is that the billable hour is far from dead. Industry data suggests that only 20 percent of large law firm revenue is currently derived from alternative fees — increasingly called "value-based billing" (VBB) arrangements....

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