Flowchart: Selecting the Right Value-Based Fee Terms
For all of these, savings = reduction in historical spending patterns with same or better outcomes. Ideally part of law firm compensation will be tied to outcomes, even within these fee structures.
The following is a list of additional items to consider when choosing between value-based fee
■ Do you have a preferred law firm list already in place? If so, what types of
value-based fee structure terms have your outside counsel shown familiarity
■ Look over your outside counsel performance reviews to see who has the
strongest success and track record on value-based fee structures matters. If
you don’t track written reviews, talk to your colleagues to gather this