Skip to main content

Embracing AFAs?

Embracing AFAs? - By Reda Bennani, Consultant
We all agree that most major change initiatives—whether intended to boost quality, improve culture, or reverse a corporate death spiral—generate half-hearted results. While the use of Alternative Fee Arrangements (AFA's) is rapidly growing, with variations likely to become as common as hourly rate billing, there are ongoing debates about their implementation based on law firms’ needs, their changing business model and their willing to track budgets and deliver a world-class service. 

Clients have been “pushing” law firms into joining them in adopting better business practices and reduction of their historically high profit margins.  These same clients have been embracing the innovative realm of AFA’s that have been bringing value “SAVING MONEY” and delivering results with “NO FUSS”.

While there are numerous AFAs types, processes have not been established on how to implement these new billing models by the vendors. Law firms, often limit their willingness for changing their billing methods to a short-term basis where they can satisfy bottom line goals.

Clients are asking for financial predictability combined with well-approached legal results.  For the law firm, alternative fee arrangements must ultimately be profitable, suited to its core business philosophy, and the desired reputation in the legal market. Accounting systems, a big part of this equation, have to go alongside with the intended changes AFAs want to bring to the practice of law, and require that cost control not to be established as an afterthought trailing behind recurring and efficient revenue generation systems.

AFAs are here to stay; law firms need to anticipate the benefits within this new billing model to achieve strategic advantage without sacrificing profitability. AFAs require cultural change in most law firms and managers need to architect and understand the stages of change—and the pitfalls unique to each stage- using this model, smart law firm leaderships will grasp disruptive processes and technologies in an efficient manner thus leaving rivals far behind. Law firms will need to embrace gradually and fearlessly this model to build long-lasting business relationships with clients, based on an innovative billing approach that suits all parties. Firms at this stage need no longer fear the outcome, but can profit from the RESULTS.

Popular

Shopify and WooCommerce gain eCommerce market share

According to BuiltWith a site measuring the top web sites and the technology used behind it the results for August show Shopify building to a 19% share of "Australian" eCommerce sites. There are a few holes here though as this uses geographical data and .au  domains. It is cheaper to use a .com domain though and many sites are hosted on remote servers. BigCommerce also saw some local growth with some better pricing and more attention to new sites. This came at the expense of old systems like osCommerce and ZenCart. The "Other" space has grown which includes Neto.

Statistics for websites using Ecommerce technologies in Australia
https://trends.builtwith.com/shop/country/Australia

When looking globally at the top Million sites Shopify is dwarfed by WooCommerce. As we have pointed out WooCommerce is used by a very large number of sites, it may not be as successful but it gives a shopfront at little cost.

The global strength of WooCommerce was through a mass of smaller…

Smarter eCommerce mailouts - Opening up Retail Express to Mailchimp

Translator for MailChimp
Currently the sources used for email marketing include Shopify, Retail Express MailChimp, other mail applications such as Outlook groups and CRM systems like Insightly. Would it be nice to have ONE list?

·Seamless and Simple without end user intervention
The Translator for MailChimp means one centralised mailing list, providing centralized reporting and results. We can run tight campaigns and then report and measure the success of the campaign. Both with clicks and reads AND sales.

This is all done using the categories that you understand and value.


For more information please contact us at info@translatorhq.com.au