ACC VALUE CHALLENGE - Guide to Value-Based Fees
the client’s appetite for communication: some love frequent interaction;
others don’t want to be bothered unless it’s urgent and only want the
plan in written report updates.
Managing is a corollary to implementing, requiring time and attention as an engagement unfolds
to ensure quality execution of the agreed-upon terms. Good managing also involves, where
necessary, changes to ensure that performance stays on track. This may mean changing the
way work is done (to be more effective), changing the timing of tasks (to stay on schedule or
budget), changing or reviewing the performance of contributors/players (to assure that the
right workers do the right work), or changing the scope of the project plan (to better reflect
changed assumptions around matter activity).
This step – effective management of legal services – is another one that could fill a book in and
of itself, and much has been written on this topic. Highlighted below are key points that are
particularly relevant to value-based fee structures.
The core management questions to answer on a consistent basis include:
;Are we effectively executing against the plan? If not, why not?
;What changes are necessary?
;How strong is the quality of the work produced?
;How strong is the process of producing the work? (On time, with advanced notice?)
;How strong are the information tracking and communication processes? Are periodic
updates provided in timely fashion, with the right level of detail? Are unanticipated
developments communicated effectively so as to avoid unnecessary “big surprises”?
;How are things faring according to both quantitative measures (wins / losses, timely
completion of work and deliverables, on budget) and qualitative measures (client
satisfaction, responsiveness, creativity etc.)?