Project Management Methods for Legal Services Budgeting and Value Pricing
Private legal service providers are under pressure to provide better value for services. The common hourly billing rate charged by law firms is not consistent with this goal. There is increasing demand on legal service enterprises to provide value-based alternatives to hourly billing fee arrangements. In order for sophisticated clients and law firms to arrive at value-based fees, there needs to be better analysis of the budget for each phase of a legal project. The goal is complicated by variable risks inherent in various types of legal services. Data on cost inputs and other factors needs to be acquired during each stage of a project in order to be compared and utilized as inputs for determining budgets of future projects. This course will teach you methods for creating and analyzing legal service budgets on a value basis, and for determining fee arrangements that would be reasonable for both the legal service provider and the client, while building in incentives for increasing the value performance of the provider.
You'll Walk Away with
- The expertise to analyze and prepare legal budgets based on relevant data
- This knowledge to create valued-based fee arrangements
- The skills to acquire data on cost inputs and other factors during each stage of a project and then to compare and utilize the data as inputs for determining budgets of future projects
- The ability to determine fee arrangements that are reasonable for both the legal service provider and the client