The next part of my series on “Better Decisions with Business Intelligence and Competitive Intelligence” will be about using BI and CI when pricing legal services. (Part One is here.) As I draft that post it occurs to me that we need some more common vocabulary, specifically around Alternative Fee Arrangements (AFAs). We’ve been kicking this term around for several years now, but I rarely meet two people who have exactly the same things in mind when they talk about AFAs.

To each their own, but here are the forms of AFA with which I have worked and how I think of each:

Blended Rate

Billing all attorneys and every attorney class (partner, associate, of counsel) at the same hourly rate

Contingency Fees

Traditional straight contingency for plaintiff cases

“Reverse” contingency for defense cases

Often gradated based on phase of the matter

Percentages increase as case nears trial
Continue Reading Alternative Fee Arrangements (AFAs)

Artificial-IntelligenceToday in Legal AI

  • Altman Weil has released its 2017 Law Firms in Transition Survey. One of the questions is: “Technology tools that incorporate artificial intelligence (AI) and machine learning — like Watson and Ross — are beginning to be adopted by some law firms. What is your firm’s stance on the use of AI tools?” With this narrow definition, only 7.5% “are already beginning to make use of these tools.” Of course, many more than this are already using eDiscovery and other forms of AI. In these survey results there is a very strong positive correlation between size of firm and use of AI tools.

and  http://economictimes.indiatimes.com/news/et-tv/how-often-do-we-encounter-artificial-intelligence-in-our-lives/videoshow/59086427.cms

and https://venturescannerinsights.wordpress.com/2017/06/08/artificial-intelligence-funding-trends-through-q2-2017/

“[AI is] doing for minds what the Industrial Revolution did for muscles.”

and https://thenextweb.com/contributors/2017/06/12/artificial-intelligence-revolutionizing-customer-management/?utm_campaign=Submission&utm_medium=Community&utm_source=GrowthHackers.com#.tnw_WavBq4R0

AI


Continue Reading Today in Legal Artificial Intelligence