Is Your Law Firm Simply A Vendor Or A Partner?

Transcription

1 And Its Member Firms Present Is Your Law Firm Simply A Vendor Or A Partner?

2 Visit us at ACE at booth 309

3 What is the difference between a Legal Vendor and a Legal Partner? A Vendor A Partner One who sells a product or service. A relationship in which each member shares in the risks and benefits.

4 Current standards for a law firm to be considered a good vendor: Follow billing guidelines

5 Current standards for a law firm to be considered a good vendor: Follow billing guidelines Provide good legal advice

6 Current standards for a law firm to be considered a good vendor: Follow billing guidelines Provide good legal advice Report timely

7 Current standards for a law firm to be considered a good vendor: Follow billing guidelines Provide good legal advice Report timely e-billing and more

8 The Benefits of Having a Legal Partner: Partners have a relationship that allows them to openly discuss their needs with clients so that they can create strategies that allow both of them to accomplish their goals.

9 The Benefits of Having a Legal Partner: Partners have a relationship that allows them to openly discuss their needs with clients so that they can create strategies that allow both of them to accomplish their goals. The law firm Partner provides superior legal services and value added services.

10 The Benefits of Having a Legal Partner: Partners have a relationship that allows them to openly discuss their needs with clients so that they can create strategies that allow both of them to accomplish their goals. The law firm Partner provides superior legal services and value added services. The law firm Partner focuses on obtaining expected results and making the Claim Professional look good.

11 The Benefits of Having a Legal Partner: Partners have a relationship that allows them to openly discuss their needs with clients so that they can create strategies that allow both of them to accomplish their goals. The law firm Partner provides superior legal services and value added services. The law firm Partner focuses on obtaining expected results and making the Claim Professional look good. The law firm Partner does not take the easy way out of litigation they focus on the expected results.

12 The Benefits of Having a Legal Partner: Partners have a relationship that allows them to openly discuss their needs with clients so that they can create strategies that allow both of them to accomplish their goals. The law firm Partner provides superior legal services and value added services. The law firm Partner focuses on obtaining expected results and making the Claim Professional look good. The law firm Partner does not take the easy way out of litigation they focus on the expected results. The law firm Partner works hard to avoid surprises.

13 Standards for a Legal Partner The Legal Vendor Standard Practice, plus:

14 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations.

15 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused.

16 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value.

17 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows.

18 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case.

19 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case. No surprises.

20 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case. No surprises. Value feedback and opinion.

21 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case. No surprises. Value feedback and opinion. Additional out of the box services to assist company clients and claim representatives.

22 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case. No surprises. Value feedback and opinion. Additional out of the box services to assist company clients and claim representatives. Resources attorneys can provide.

23 Standards for a Legal Partner The Legal Vendor Standard Practice, plus: Timely and meaningful evaluations. Resolution focused. Legal work focused on value. Clear view of the firm s structure and do not hide parts of the organization in the shadows. The right attorney for the case. No surprises. Value feedback and opinion. Additional out of the box services to assist company clients and claim representatives. Resources attorneys can provide. Multi-jurisdictional capability.

24 Added Value Services: Webinars.

25 Added Value Services: Webinars. Lunch and learn.

26 Added Value Services: Webinars. Lunch and learn. Newsletters.

27 Added Value Services: Webinars. Lunch and learn. Newsletters. Calls about important cases and issues.

28 Added Value Services: Webinars. Lunch and learn. Newsletters. Calls about important cases and issues. Videoconferences.

29 Added Value Services: Webinars. Lunch and learn. Newsletters. Calls about important cases and issues. Videoconferences. Alternative Fee arrangements.

30 Alternative Fee Arrangements

31 What Is An Alternative Fee Arrangement? Any fee arrangement that does not exclusively rely on a number of hours times an hourly billing rate for compensating attorneys.

32 Any Alternative Fee Arrangement Requires: 1) A relationship built on trust. 2) A fair process for determination of the alternative fee. 3) Risk/reward element for the lawyer.

33 There are many types of Alternative Fee Arrangements. And, with some creative thought, still more could be crafted. We shall discuss three types.

34 Three types of Alternative Fee Arrangements. 1) The guaranteed phase budget, or fixed fee per phase model. 2) The retainer model for portfolio or line of business work. 3) The bucket strategy.

35 1) The guaranteed face budget, or fixed fee per phase model. Define goals for the engagement. Set tasks based upon goals. Agree upon a budget. Agree upon a success fee for achieving results at or below budget.

36 2) The retainer model for portfolio or line of business work. Requires volume of work. Award or work in a particular state or market. Fixed annual free. Paid monthly.

37 3) The bucket strategy. Fees are hourly. 20% of fees are held back. Law firm is graded based on results and work quality. Law firm may receive 0% to 200% of the holdback based upon performance.

38 Partnership Checklist How to analyze what a client should expect from a law firm. Follow guidelines Provide good legal advice Report timely E-billing programs Timely and meaningful evaluations Resolution focused Legal work focused on value Clear view of the firm s structure and do not hide parts of the organization in the shadows The right attorney for the case No surprises Value added services Value feedback and opinion Resources attorneys can provide Multi-jurisdictional capability Vendor X X X X Partner X X X X X X X X X X X X X X

39 Thanks 10 Independent to Our Panel Member Members Firms Peter Conforti Subrogation Supervisor, Cumberland Insurance Group Bruce Raymond Partner, Raymond & Bennett, LLC 12 States Brian Bornstein Claims Regional Vice President, Mid-Atlantic Region, Chartis Insurance 200 Lawyers National Solution for Local Jack Levy Representation Ron Berman Partner, Berman Berman Partner, Smith Freed & Eberhard, PC AV Peer Review Rated SuperLawyers A.M. Best Directory of Recommended & Berman, LLP Insurance Attorneys Charity Hyde Partner, Bennett, Bricklin & Saltzburg, LLC Howard S. Shafer President, Your House Counsel Partner, Shafer Glazer, LLP Visit us at ACE at booth 309

40 10 Independent And a Special Member ThanksFirms 12 States 200 Lawyers National Solution for Local Representation AV Peer Review Rated SuperLawyers A.M. Best Directory of Recommended Insurance Attorneys Visit us at ACE at booth 309