Insights to guide your fee review and pricing strategy
For decades, it seems like the personnel in charge of creating budgets for legal functions have been working under the same pretenses as HGTV hosts, but now with a stronger grasp on industry prices and rates, the budgeting process can be streamlined substantially.
Read MoreOver the past couple of years Legal Decoder has worked on several high-profile bankruptcies and analyzed hundreds of millions of dollars in fees for the U.S. Trustee’s Office. Along the way we have had the opportunity to observe and provide solutions to the challenges that come with the fee examination process during bankruptcy administration.
Read MoreJessica L. Bilotta, Esq. & Emma Burnett-Balbier Interview Thomas Bielli about how they use Legal Decoder in their bankruptcy practice.
Read MoreLaw firms have been hearing client outcries for change, innovation and re-imagining the legal services business delivery model even before the current health crisis. Over the past few years, some positive operational changes and innovative measures have been implemented by law firms, borne mostly out of necessity as opposed to self-initiation.
In the COVID-19 era, law firms must think expansively about strategic planning. Certainly, the transition from traditional-to-remote operations has posed practical issues for law firm leaders; however, the issues have required mostly tactical responses. Now, as business life transitions into the “new (ab)normal,” law firm leaders face a massive, unprecedented challenge to architect a strategic blueprint for the future. Obviously, no single blueprint applies to every law firm.
Read MoreThe CEO’s organizational mandate is given “Revenues are down. Expenses must be cut.” The CFO’s natural reaction is to look for expense reductions in departments that are wide viewed as cost centers, like human resources, IT, accounting and, of course, the legal department. The Chief Legal Officer’s new mission critical initiative is savings. At a time when the risk profile and legal exposure of many organizations approaches extreme levels, the legal department must cut costs and drive savings while mitigating risk.
Read MoreChapter 11 bankruptcy is easily the most expensive form of bankruptcy. In fact, professional fees in large Chapter 11 cases involving companies the size of the aforementioned retailers can run into the hundreds of millions of dollars in the blink of an eye. While it is true that the successful reorganization and rehabilitation of a distressed company is not a minor undertaking, it is vital to ensure that “professional fees and expenses paid by the estate are reasonable, actual, and necessary,” according to Section 330 of the Bankruptcy Code and guidelines set by the Office of the United States Trustee.
Read More
