| About the Authors | p. vii |
| Acknowledgments | p. ix |
| Introduction | p. xi |
| The Search for the Meaning of Value | p. 1 |
| Lawyers and Clients: Perception Is Reality | p. 1 |
| Client Perceptions of Value | p. 2 |
| What Is Value? | p. 3 |
| Conclusion | p. 5 |
| Ethical Rules and Practices | p. 7 |
| The Basic Rule | p. 7 |
| The Golden Rule | p. 9 |
| Gray Areas | p. 10 |
| Prepaid Fees in Lawyer's Trust Account | p. 10 |
| Fee Agreements in Writing | p. 11 |
| Mandatory Arbitration | p. 11 |
| Business Interests Received in Payment | p. 12 |
| Conflicts | p. 13 |
| Fee Sharing | p. 13 |
| Pricing Legal Services | p. 15 |
| Historical Influences on Pricing Legal Services | p. 15 |
| Pricing Before and After Bates | p. 16 |
| Constraints on the Marketplace | p. 17 |
| The Modern Focus on Value | p. 17 |
| The Value Curve | p. 19 |
| Interpreting the Curve | p. 21 |
| Applications of the Curve | p. 21 |
| Implications of the Curve | p. 23 |
| Using the Value Curve | p. 25 |
| The Value Curve for Main Street Lawyers | p. 26 |
| Commodity Work | p. 26 |
| Brand Name | p. 28 |
| Experiential and Unique | p. 29 |
| Major Issues Regarding Billing Methods | p. 30 |
| Using Your Current Practice to Plan and Build a Billing Method | p. 33 |
| Self-Assessment Checklist | p. 33 |
| Objectives and Goals | p. 34 |
| Present and Future Market Trends | p. 34 |
| Current Billing Methods | p. 35 |
| Willingness to Try Innovative Billing | p. 35 |
| Determining Cost | p. 36 |
| Retrospective Analysis of Cost as a Guide | p. 36 |
| Cost of Service Versus Value to the Client | p. 37 |
| Knowing Costs Through Accounting | p. 38 |
| Costs | p. 39 |
| A Simple Exercise in Cost Accounting | p. 40 |
| Determining Cost to Produce a Package of Services | p. 41 |
| Task-Based Analysis | p. 42 |
| Examining Closed Files to Create Minisystems and Predict Fees | p. 43 |
| Recurring Variables or Uncertainties | p. 44 |
| Examining Profitability as It Relates to Billing | p. 45 |
| Factors for the Main Street Lawyer | p. 47 |
| Building Billing Methods for Main Street Lawyers | p. 47 |
| Dealing with Unsophisticated Clients | p. 47 |
| The Pricing Structure Can Form the Basis of the Office System | p. 50 |
| I Cannot Do It at That Rate and Make Any Money | p. 52 |
| Conclusion | p. 52 |
| Technology and Alternative Billing | p. 55 |
| Technology and Client Value | p. 56 |
| Technology and the Billing and Collection Process | p. 58 |
| Recording the Charges, Whether Time-Based or Task-Based | p. 59 |
| Integrating Other Expenses and Payments Within the Statement and Firm's Records | p. 61 |
| Preparing a Statement for the Client | p. 62 |
| Transmitting the Statement to the Client | p. 62 |
| Receiving from the Client Either Payment or Requests for Clarification or Information | p. 63 |
| Instituting Collection Efforts for Balances Not Timely Paid | p. 63 |
| Technology in Fee-Setting and Budgets | p. 65 |
| Substantive Systems and Document Assembly | p. 66 |
| Knowledge Management Tools | p. 67 |
| Transaction Fees: Sharing the Costs (and Benefits) of Technology | p. 68 |
| Collaborative Technologies | p. 69 |
| Conclusion | p. 70 |
| Developing the Case Plan or Transaction Plan | p. 71 |
| Why Should I Bother with a Plan? | p. 71 |
| Elements of the Case/Transaction Plan | p. 73 |
| Preparing in Advance | p. 74 |
| Setting Client Goals and Expectations | p. 75 |
| Determining Billing Methods | p. 76 |
| Implementing Value-Based Billing | p. 77 |
| Value Billing and Profitability | p. 78 |
| Strategies for Profitable Value Billing | p. 79 |
| Seek a Higher Dollar Realization | p. 79 |
| Raise the Value of Your Service | p. 79 |
| Improve Quality | p. 80 |
| Reduce the Cost per Unit of Service | p. 80 |
| Use Technology | p. 81 |
| Position on the Value Curve | p. 81 |
| Clients' Perception of Value | p. 82 |
| Guarantees | p. 83 |
| Change: How to Bring It About | p. 84 |
| Case Study: Could This Happen in Your Office? | p. 85 |
| Arguments in Favor of Changing Billing Methods | p. 86 |
| General Arguments | p. 86 |
| Impediments to Change | p. 88 |
| Concerns of Corporate Counsel | p. 89 |
| Conclusion | p. 90 |
| Evaluating Results of the Use of Alternative Billing Methods | p. 91 |
| Review of Closed Files | p. 91 |
| Client Audits | p. 93 |
| Performance Evaluation | p. 94 |
| Profitability Analysis | p. 94 |
| Quality of Life and Quality of Work Product | p. 94 |
| Conclusion | p. 96 |
| Appendix | p. 97 |
| Fixed Fee Corporate Representation | p. 107 |
| Alternative Billing in Estate Planning | p. 111 |
| Fixed Annual Fee for Small Businesses | p. 113 |
| Virtual Law Office | p. 117 |
| Fixed Fee Loan Documents Makeover | p. 121 |
| Flat Fee Transactional Practice | p. 125 |
| Moving to Value Pricing | p. 129 |
| Letter Giving Alternative Fee Options to Client | p. 131 |
| Formal Fee Agreement (Hourly or Contingent) | p. 135 |
| Increased Hourly Rate for Negotiations; Contingent Fee if Litigation Is Required | p. 145 |
| Alternative Billing Proposal for Either Hourly Rates or Reduced Hourly Rates with a Contingency Fee if the Business Is Acquired | p. 149 |
| Agreement for Fixed Fee Representation of a Bank for Major Collection Litigation with Bonus Clause | p. 155 |
| Fixed Fee Corporation Representation Service Election Form | p. 161 |
| Fixed Fee Retainer Agreement for Handling Insurance Defense Cases Based on a Prescribed Volume of Cases | p. 163 |
| Fee Agreement Incorporating Hourly, Fixed and Unit Fees for a Real Estate Development Project | p. 167 |
| Index | p. 175 |
| About the CD | p. 187 |
| Table of Contents provided by Ingram. All Rights Reserved. |