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Will This Legal Tech Startup Kill the Billable Hour and Bring Transparency to Legal Billing? (Scott & Digby Leigh - AltFee)
Manage episode 426245445 series 3583199
Kandungan disediakan oleh Percipient. LLC and Percipient - Chad Main. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Percipient. LLC and Percipient - Chad Main atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
Despite much ballyhoo and countless articles about them, alternative fee arrangements, or AFAs, have yet to gain widespread traction and the billable hour still reigns supreme for legal billing.
Enter the Leigh brothers, Scott and Digby, and their new legal tech startup, AltFee. The company’s stated goal is encouraging legal professionals to break free of hourly pricing and move to AFAs by using the app to help scope and price legal projects.
The brothers point out that the traditional billable hour pricing model doesn't provide certainty for clients and that AFAs will become more important with increasing use of AI which will likely reduce billable hours. They explain how Altfee offers a solution by providing a foundation for law firms to operate on an alternative fee model. The app helps users scope, price and audit their fees.
Scott and Digby also delve into the concept of 'value billing', explaining that it involves charging fees based on the value of the service provided to the client, rather than strictly on the time spent. They underline the importance of taking both task-based considerations and value-based considerations into account while pricing.
Learn more about Scott and Digby.
Things We Talk About in this Episode
Directory of Law Firms Offering Alternative Fees Episode CreditsEditing and Production: Grant Blackstock
Theme Music: Home Base (Instrumental Version) by TA2MI
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