AltFee Presents:

Legal Industry Pricing Report 2023

The use of AFAs in the legal industry is growing rapidly. In this first-ever AFA pricing trends report, we uncover:

Law firms make more money using AFAs compared to the billable hour
Law firms need to build scoping and pricing systems that enable more than just senior team members to take part in the pricing process
The majority of law firms are always considering the value they provide when pricing, but do not have a systematic approach to align value with fees

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90.9%

90.9% of firms surveyed make the same or more money using a non-hourly billing approach versus the traditional billable hour model

85.3%

85.3% of surveyed law firms say they consider using non-hourly pricing for new matters

79.8%

79.8% of surveyed law firms utilize value-based pricing strategies

Uncover the Latest Trends in AFA Pricing

The Legal Industry Pricing Report 2023 aims to understand the current state of AFA pricing in the legal industry, including its growth, the conversation from a lawyer and client’s perspective, and how technology adoption is assisting AFA implementation. By surveying legal professionals across the world, the report showcases that AFAs are contributing to increased profits for firms, better use of technology, and better work-life balance and working conditions for legal professionals.

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Who is AltFee?

We recognized that law firms need a pricing tool that provides knowledge management and collaboration to make managing AFAs easy and efficient. Drawing on our team’s over 60 years of combined legal experience within the legal industry, AltFee was born.