Alternative fee arrangements (AFAs) are bringing significant changes to the legal profession. Clients are pushing for a combination of cost savings and cost certainty, and law firms are responding in a resounding way.
Though AFAs are not a new concept to the legal industry (they’ve been offered for personal legal services for years), they are now becoming more prevalent in other practice areas as well, including business law and litigation work. In fact, 95% of law firms now have some kind of alternative fee arrangement in place. But just how comfortable are they in using them?
As a virtual data room provider used by thousands of legal firms to reduce costs and increase efficiencies, Firmex takes a great interest in the AFA conversation.
We’ve brought together a series of research findings to help paint a clearer picture of what impact AFAs are having in the legal industry.