To celebrate National Pet Day, we went to the Nashville Humane Society to help care for their dogs and cats and donate some items to support the shelter. We even found a dog that would be a perfect addition to the Quovant family!
To celebrate National Pet Day, we went to the Nashville Humane Society to help care for their dogs and cats and donate some items to support the shelter. We even found a dog that would be a perfect addition to the Quovant family!
Alternative fee agreements (AFAs), which include all fee agreements that are not based purely on hourly rates, are being used more frequently by companies as an effective tool to manage their legal spend. When law firms bill on an hourly basis, costs can often get out of control and AFAs help keep legal bills more predictable and offer the clients additional benefits.
Managing legal spend when firms bill on an hourly basis can be challenging, and companies are more frequently using alternative fee agreements (AFAs) to deal with these challenges. To better understand how AFAs contribute to effective management, it is important for in-house counsel to consider why and when to select AFAs.
As law firms’ hourly rates continue to rise, in-house counsel must decide when to approve these rate increases and for how much – all while preventing unnecessary rises in their company’s total legal spend. Rate increases can be difficult to track over the years, especially when you handle a large volume of cases, budgets, and firms on a daily basis. Without measures in place to manage these increases, you can soon find that the company’s legal spend has crept higher and higher without justification.
