Market Areas > Practice Management > Flat Fees

Flat Fees: How to Meet Client Demand and Still Make a Profit

Course Description:

Flat fee arrangements are gaining popularity, but the question is… how do you make them profitable?

With this critical “how to” audio conference on CD, industry experts, Pamela H. Woldow of Altman Weil and Patrick Lamb of Valorem Law Group, will guide you through the best methods for implementing flat or fixed fees arrangements.  They’ll also give you exclusive tips on how to make them profitable.

During this comprehensive program, you’ll also learn: 

• Difference between flat fees and fixed fees
• Truth behind flat fee management myths
• Which matters make the most sense for flat fee billing
• Why and how to build a “tweakability” clause into agreements
• How to use effective early case assessment to set fees that makes sense
• How timely, honest communication quells surprises for all sides
• Best methods for benchmarking progress
• Ethical considerations when implementing flat fees

Plus, Ms. Woldow and Mr. Lamb will also address those questions almost every firm faces, including:

1. How can I predict the unpredictable?
2. How can I assure the firm that we will make money if we lock into a fee and things change?
3. Aren't flat fees just used for routine, commodity type legal work?
4. How do I go about figuring out what a legal service should cost?
5. What types of resources are there for getting information?
6. How do we align our internal metrics with the constraints that flat fees pose?

Featured Faculty:

Pamela H. Woldow, Principal, Altman Weil, Inc.

Pamela H. Woldow is a principal of Altman Weil, Inc. She works on areas of strategic and operational importance to both legal departments and law firms, focusing on improving the delivery of high-quality and cost-effective legal services, selecting and managing outside counsel, convergence programs, litigation management, and all aspects of the counsel-client relationship.

Prior to joining Altman Weil, she was a partner and the National Practice Leader for Litigation Services for Smart and Associates, a national accounting and consulting firm. Her career has also included positions as Chief Counsel of the Pennsylvania Department of Insurance, Deputy General Counsel of Pennsylvania, and Associate General Counsel and Director of Risk Management and Litigation Management for a $2 billion public financial services corporation. Earlier, she handled complex commercial and environmental litigation with Duane Morris and Manko, Gold & Katcher.

Patrick Lamb, Partner, Valorem Law Group

Patrick Lamb is a business trial lawyer and advisor.  After 18 years at an AmLaw 100 firm and 7 years at a litigation boutique, he and three founders, also refugees from large law firms, founded Valorem Law Group on January 1, 2008.  Valorem represents business interests in complex litigation using non-hourly fee arrangements.  The firm’s commitment to value starts with its name, which comes from the Latin word for value, and continues to each invoice, which contains a Value Adjustment Line.  The Value Adjustment Line allows each client the right to make any adjustment to the invoice so the the client believes the invoice reflects the value received.

MONEY-BACK GUARANTEE:

Pricing:

Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

Each CCM event presents a variety of information and is presented for each organization to develop its own approach and methodology.