Public Reputation Tip of the Week - February 17, 2010

This week, our Public Reputation Tip corresponds with the release of our newest White Paper – Marketing Law Firm Value: Alternative Fee Arrangements.

At the heart of the White Paper is the idea that law firms have the opportunity to use alternative fee arrangements (“AFAs”) to redefine their value and become more closely aligned with their clients.  The starting point for this transformation is a commitment to becoming more versatile.

There are various AFA models, suitable to different client risks and objectives.  As you consider how to bring an AFA culture to your firm, here are some things to keep in mind:

• Your firm’s employment of AFAs is a matter of when, not if, so start your preparation now if you haven’t already.
• Conduct a well-planned and thorough analysis of historical matter costs so you know how to price AFA offerings.
• Learn from those that who have gone before you - talk to firms that are recognized AFA thought leaders.
• Begin your AFA implementation efforts with your two most important constituencies: the people within the firm and your best clients.
• Build a marketing strategy around AFAs that includes – at the least – a written and verbal communication plan, business development tactics, traditional and social media channels, and enhancements to your Web site.
• AFAs are not the opening salvos to price wars, nor are they always a substitute for the billable hour.  Invest the time to craft your AFA philosophy so you know how and when to apply them, always keeping your clients’ interests at the forefront of your efforts.