Becoming more efficient in the law firm billing process is a trendy topic at the 2011 Elite User Conference – which is why many found the Alternative Fee Arrangements panel session so informative this morning.

Dan O’Day, senior director of Product Management for Elite, led the panel in a discussion about the many different alternative fee arrangements we see emerging in the legal billing industry. He talked about several different ways firms are billing their clients and their advantages and disadvantages and how each model can be used to maximize firm profits. Fixed or flat fees, capped fees, contingency fees, retainers, blended hourly rates, volume discounts and value based billing were highlighted as trends in legal billing.

Metrics, tracking and accountability steps were also suggested regarding alternative billing and how to “make it happen” in your firm. Dan closed with a last thought, “With money you can buy a clock, but not time. The legal profession becoming more efficient is in the best interest for everyone.”

What billing models are you seeing at your law firm – and which do you find most successful?

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