Posted: January 21, 2022 | See All Events
Alternative Fee Arrangements (AFAs) are all the rage in the corporate legal world. But why? What are AFAs and how can they lead to meaningful cost savings?
An alternative fee arrangement is loosely defined as any type of legal fee arrangement where a client pays an attorney something other than a traditional hourly rate for the legal work performed. Sometimes alternative fee arrangements are referred to in shorthand as “AFAs,” or the newer term, “value-based billing.” With this payment structure, an attorney is paid for the value delivered for the legal service, as opposed to the amount of time it takes to deliver the requested legal service.
Initial questions about AFAs may include:
· How does one get started with AFAs?
· What are the different types of AFAs?
· When does it make sense to pick one over the other?
· How does one go about proposing AFAs to outside counsel?
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