ILTA White Papers

Knowledge Management

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DAVID HOBBIE GOODWIN PROCTER LLP KM Brings Value to AFAs Working Smart Is Cheaper and More Profitable in the summer of 2009, in “Billable Hour Under Attack,” The Wall Street Journal reported a survey that suggested an increase of more than 50 percent in the amount of work done in the previous year under arrangements other than the billable hour. Indeed, T 32 Knowledge Management ILTA White Paper he recent economic downturn has brought about a significant change in the business of law and in the proportion of legal work that is performed outside of the billable hour model. For instance, many leading corporations such as Cisco and FMC Technologies, Inc. have made the introduction of fixed-cost arrangements an entry-level requirement for the bulk of their work. Under any billing model, clients expect efficient work and hire firms for their specific expertise and ability to leverage it. Knowledge management (KM) functions enhance each of these qualities. There is no question, however, that most alternative financial arrangements (AFAs) (also known as alternative fee

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