We can describe this simply. We believe, and have proved, that if we deliver good results and do it efficiently, we will keep your business. If we believed in the old model of grinding out billable time, Lightfoot would never have been formed. We understand that if we manage your litigation costs as efficiently as possible and endeavor to resolve cases as early as practicable, it serves your immediate interest of controlling costs and our long term interest in keeping you as a satisfied client.
Lightfoot is comfortable using alternative fee structures which give us the same incentives you have in managing your costs efficiently. We have used a number of alternative fee arrangements to suit clients’ needs and can offer several alternatives.
We can provide visibility and tracking for hourly billings agreements. We developed a customized budgeting system to help clients predict and manage the costs of litigation. Benefits include: early case planning; visibility for all planned activity, tracking all happenings in the case, greater flexibility, a realistic framework for incentives and alternate fee arrangements and reporting on multiple time periods and work activities. There are many ways to structure fees, including blended rates, flat fees and incentive based billing. We are open to discussions on the most efficient approach to suit your needs.
Following are examples of possible fee arrangements that you may want to consider:
Traditional hourly rate – Most of our clients are still billed on standard hourly rates. For some clients we provide blended rates.
Flat rate billing by phase – To give our clients more certainty in managing costs, we can charge a flat rate for each phase of the case. For example, cases can be divided into six phases: (1) Initial Case Analysis/Strategy; (2) Discovery; (3) Dispositive Motions; (4) ADR/Settlement/Pre-Trial Conference; (5) Trial Preparation/Trial; and (6) Appeal. For each phase of the case, we can develop a flat fee proposal, and we will complete each phase of the case for that fee, plus whatever expenses are incurred, regardless of the time it takes.
This structure allows for a great deal of flexibility. For example, you may select a flat rate for Phase 1, but choose an hourly rate for the remaining phases. The case manager can make the decision on a case by case basis.
Incentive based billing – Some clients believe that law firms are more efficient when they actually have a stake in various outcomes in the litigation. We are comfortable offering incentive based billing structures. In the past we have used fee proposals under which our fee is adjusted based on meeting client goals such as meeting budget projections, case outcomes or cycle time of disposing of a case. If this option is of interest, we can customize an incentive based billing plan that meets your goals for a specific case.