Clients demand predictability in their legal budgets and look for lean, focused staffing on all matters. The old way of pricing by the hour, even with more robust project management and lean sigma process improvements, doesn't do the job as well as value-based billing arrangements, such as flat fees, results-based fees, and client-satisfaction holdbacks. The value in these arrangements is that they require a serious focus by the law firm and the client, collaboratively, at the beginning of the engagement on what really matters. As a team, we think through what is a "must have" compared to "nice to have if we only had the budget."
We welcome the challenges that this process unleashes -- entrepreneurial, creative, and business-focused thinking. Crowell & Moring leads the way in defining the right solution for each client and has long demonstrated our dedication to providing a consistent, high quality, client experience – and results.
That is why we have been repeatedly recognized by the Association of Corporate Counsel in its Value Challenge. And why we authored the ACC's "Handbook for Value-Based Billing Engagements," a guide for in-house counsel and their outside law firms on pricing legal services to best suit the client's goals.