Approach to Costs
Death of hourly billing
Fareya Azfar Araoui proposes to perform all the work on a firm-fixed basis. Regardless of the time or hours, it takes, the value of trusted counsel lies in their dedication to your success, and unfeigned efforts to achieve that for you. We do whatever it takes to make this effort a success. What is important is that:
- clients feel that they are receiving proportionate value in exchange of the fee they pay the firm; and
- the firm feels that they are proportionately compensated by the client for the services they provide to the client.
Types of Alternative Fees
Fixed Fee is an agreed-upon amount that is fixed at the inception of the project. For legal work that is project-based with specific deliverables or has a defined scope of work delivered over a period of time, a fixed fee would be defined.
When can you use fixed fee?
‣ A task, such as conducting due diligence or service of process
‣ A matter, such as negotiating and drafting a contract.
‣ Litigation is handled using a fixed fee by phase approach. Each phase is based on a specific set of assumptions and in specific phases, jurisdiction.
Outside Counsel Annual Retainer
We sign an annual retainer contract with you. We like to keep things simple. For a fixed annual fee you get almost unlimited advice and support.
The main benefits of this option (besides the fixed cost) are that we become your outsourced legal arm. We conduct regular office visits, understand your business, your people and policies We listen, learn and counsel. Over time a strategic partnership emerges, and the quality of legal support becomes deeper and holistic.
We also help the client to manage its litigation risk and to identify developing trends and corporate issues more effectively.
How we keep costs in control
FAA is rigorous about budgeting. Budgets are more than just a guideline. Strategic budgeting includes an ongoing discussion of costs associated with the execution of the litigation plan, including cost forecasting, cost management and accountability. It should work hand in hand with early case assessment and may act as a foundation for an alternative fee arrangement.
Thorough but appropriately
Move from thoroughness to appropriateness where not every rock is turned over, just enough of the right rocks
Appropriateness in this instance meant recognizing case objectives and obtaining cost-effective results.
Technology utilization to drive collaboration, improve efficiency, eliminate duplication and measure results. We want clients to be on board with us utilizing technology to integrated matter and knowledge management. Act as “wise counsellors” who help their clients understand not only what is legal, but also what is right. To be “effective leaders” who are the final decision-makers on important matters which involve complex considerations beyond the law.