Legal Talk Network - Law News and Legal Topics
Rethinking Legal Fees for a Modern, Value-Based Practice
May 9, 2025
Scott Leigh, co-founder and CEO of AltFee, discusses the evolution of legal billing practices. He explores the shift from traditional hourly rates to flat and alternative fees, emphasizing transparency and client engagement. The conversation highlights how technology is revolutionizing fee structures, making them more efficient and profitable. Leigh also shares insights on the growing importance of understanding client needs and adapting to modern pricing models in a competitive legal landscape.
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Quick takeaways
- Law firms must adapt to modern billing by shifting from hourly rates to flat and alternative fee structures, enhancing pricing transparency.
- Value-based pricing emphasizes client-perceived value over time spent, encouraging legal practices to better align their fees with service urgency.
Deep dives
Understanding Alt-Fee and Its Impact
Alt-Fee is designed to assist law firms in transitioning from traditional hourly billing to flat and alternative fee structures, aiming for greater pricing transparency. The founders identified the limitations of the hourly billing model, especially as law firms increasingly face competition from AI-driven efficiency gains in delivering legal services. By offering systems that align fees with the actual value delivered, Alt-Fee enables firms to better adapt to changing market demands and client expectations. For instance, their unique focus has allowed them to illustrate how specific tasks that used to take significant time can now be executed in a fraction due to increased efficiencies, prompting the reconsideration of pricing strategies.
