Fenwick delivers fee predictability to clients through innovative pricing and financial management capabilities. Our team of financial analysts assists clients through the lifecycle of a matter by providing:
- Estimates based on a database of thousands of prior matters
- Alternative fee arrangements customized to the client financial profile
- Budget to actuals reporting at the required frequency and level of detail
- Accurate and timely accruals
- eBilling system consultation and best practices
What You Can Expect With Fenwick on Your Team
Budgets Designed Around Size, Scope and Stakes
Our estimating database includes thousands of task coded matters and is supported by pricing analysts who provide estimates based on the size, scope and stakes of the individual matter. Our pricing analysts collaborate with partners and clients to ensure budgets accurately reflect a matter’s significance, strategy and potential outcomes.
Alternative Fee Arrangements
Fenwick is a recognized leader in alternative fee arrangements (AFAs). For example, our innovative AFAs with Cisco Systems for securities and M&A matters have been highlighted in several legal publications. Today, more than 20 percent of our firm’s revenue comes from non-hourly billing arrangements. We have developed fixed fee arrangements, value-based pricing structures, task-based pricing, risk-sharing fee arrangements and other AFAs with clients of all sizes across our practices.
Backed by a team of in-house project managers, as well as ongoing project management training for our practice groups, we work with our clients to define objectives, document scope, define roles, develop a robust communication channel and provide ongoing updates on the budget. Real-time dashboards allow partners, associates and project managers to monitor work and track progress against budget, ensuring potential issues are highlighted for clients early.
Our financial systems team regularly consults with clients on the set-up and administration of eBilling systems. We work with all the major eBilling vendors.
Our team ensures bill review and payment meets management requirements.
Looking for more predictability in your legal fees? Contact Kevin Vaarsi at (650) 428-4416 or firstname.lastname@example.org to learn how we can help apply professional pricing and budgeting to your legal matters.