Your Word is Your BondPosted on March 21, 2013 in Arizona Law Regarding Business and Real Estate
It’s hard to figure out why lawyers will not quote what the cost of a suit will be. While, variables do exist, your lawyer should know what these variables might be. That can be factored in. Well, the legal marketplace is changing, and companies are now demanding value-based engagements with their outside firms that create alignment and incentivize the elimination of waste and excessive work. Large corporations—the ones law firms covet as clients—find better value and achieve better results with value-based alternative fee arrangements (VBFs).
According to data provided by members of the Association of Corporate Counsel (ACC), home-appliance maker Whirlpool put in place a system that emphasizes hitting benchmarks on budgets and giving bonuses for ending legal claims sooner rather than later. In the process, it cut its legal costs by about 15 percent. Sherwin Williams cut its spending by a similar amount using VBFs. And Home Depot adopted new billing procedures in 2008, hiring outside lawyers using fixed fees and retainers. As a result, Home Depot cut its legal fees in half.
At the Law Firm of William A. Miller in Scottsdale, Arizona we are happy to arrange a value-based fee agreement and we will stick to it, after all… your word is your bond.
Feel free to call William A. Miller, Esq. 602-319-6899
We also handle, Breach of contract, Non-compete agreements, Non-disclosure agreements, Employee theft and embezzlement, Insurance purchases and enforcement of policy coverage, Negotiation and/or enforcement of commercial leases, Negligence and gross negligence resulting in losses, Intentional acts causing a company to suffer damages, Tortious interference with contractual relationships, Unjust enrichment, Real Estate fraud, Consumer fraud, Conversion/Theft, Intentional and/or negligent misrepresentation, Business torts and Real estate title & escrow.