Announced on April 21, P3® – The Practice Innovation Conference will transform into P3® – The Virtual Experience, a series of online, interactive content taking place in June. The in-person experience was previously cancelled due to the COVID-19 pandemic. View the P3 home page for more information.

The Wiley Journey: Building a High-Performance Alternative Fee Arrangement Culture

Track: Pricing & Profitability

Session Number: 239
Date: Thu, Jun 11th, 2020
Time: 2:00 PM - 3:00 PM

Description:

AFAs are here to stay – but changing a firm’s culture to focus strategically on revenue-generating AFA opportunities can be a difficult and a time-consuming challenge. This session will explore essential steps of the effective change management process that resulted in one Am Law 200 firm’s cultural shift toward AFAs as a business model, driving value to both the firm and its clients. Attend this session to learn more about how to structure and implement AFA performance indicators and measures, and how to launch an engagement and educational resources campaign and toolkits. You’ll also discover what actions the firm took to achieve its strategic objective of developing true AFA capabilities, and learn about the business development campaign that shaped and motivated the firm’s innovative use of AFAs to gain a competitive advantage.

Session Type: TED-style Talks

Learning Objective 1: Discuss the fundamental forces that shape AFA conversations with our clients.
Learning Objective 2: Identify strategies to engage the firm’s partners in AFA discussions and establishing tools and teams to best navigate and negotiate AFAs
Learning Objective 3: Describe methods of developing a successful plan to educate attorneys on financial business modeling of matters, forming a more sophisticated negotiation framework that gives them the confidence in pitching AFAs to clients
Body of Knowledge (BoK) Domain: Business Development, Client Services
Content Level: Essential
Session Type: TED-style Talks

Learning Objective 1: Discuss the fundamental forces that shape AFA conversations with our clients.
Learning Objective 2: Identify strategies to engage the firm’s partners in AFA discussions and establishing tools and teams to best navigate and negotiate AFAs
Learning Objective 3: Describe methods of developing a successful plan to educate attorneys on financial business modeling of matters, forming a more sophisticated negotiation framework that gives them the confidence in pitching AFAs to clients
Body of Knowledge (BoK) Domain: Business Development, Client Services
Content Level: Essential