Abraham Lincoln once said "An attorney's stock in trade is his time."
TIMES HAVE CHANGED......SO HAVE WE
Attorneys traditionally value their services based on their time invested. This “pay-for-time” paradigm is as old as the legal professional itself. Yet it remains the subject of widespread criticism for its failure to adequately align the interests of the client with those of the attorney. Hourly billing incentivizes inefficiency and rewards attorneys regardless of the result.
At Praxidice, our clients pay for results, not time. We offer our clients a wide range of creative fee structures as alternatives to straight hourly billing. Our fee options are designed to allocate some portion of the risks to us, with our fee tied directly to our performance and results obtained.
No longer must the client be the sole party to suffer cost overruns or a "bad" result. Alternative billing forces the law firm to share the risks of both the fee and the outcome in some manner, while at the same time sharing the potential rewards for attaining clearly defined objectives or outcomes.
Alternative billing arrangements result in a win-win scenario for both the client and law firm: if there is an unfavorable result, the law firm suffers some of that loss; in contrast, if a client achieves a desired result in a timely and cost-efficient manner, the law firm might receive a multiple of the fees it has at risk. The client and the attorney thereby share the same objectives and motivations. We are continually redefining attorney-client relationships by making your risk our risk, and our success your success.