As a leader in the legal industry, Miles & Stockbridge strives to deliver better value by consistently providing superior work in the most efficient manner possible. We also provide value to our clients by not being afraid to challenge the status quo.
To that end, and as companies using outside legal services have challenged law firms to move away from the traditional hourly rate model in favor of value-based billing models, Miles & Stockbridge has answered the challenge by creating a dedicated team of lawyers across many different legal disciplines that implement what we call “Value The Miles Way.”
Miles & Stockbridge’s value proposition provides our Firm’s clients with alternatives to an hourly rate model that is responsive to their needs and tailored to the clients’ definition of value or success in a given engagement. Although not exclusive, the following are examples of types of alternative fee arrangements that we have structured to meet our clients’ needs:
- Fixed Fee by Matter
- Fixed Fee by Phase
- Fixed Fee with Collar
- Fixed Fee by Phase with Success Sharing Bonus
- Fixed Fee by Matter with Success Sharing Bonus
- Fixed Fee by Matter with Holdback and Success Sharing Bonus Subject to Multiplier
- Blended Hourly Rate with Holdback
Our lawyers utilize project management skills as well as cutting edge technology to aide us in process mapping matters and to provide real time matter and budget reports to ensure that our tasks and budget are meeting our client’s objectives. Miles & Stockbridge is an early adopter of the Thomson Reuters’ law firm project management technology “Engage,” which facilitates enhanced communication with our clients by, among other ways, enabling us to deliver easy-to-read budget reports that can be adjusted instantly to provide different budgets depending on different scenarios. With Engage, we can monitor and adjust matters in real time, giving our clients the information they need and expect. We can monitor our team’s time and progress, stay on top of scope and milestone changes, and adjust timekeeper and staff assignments, timelines, and budgets. We can effectively manage matters by tracking every related activity. Engage seamlessly links to our financial, time-and-billing, and docketing systems so we can easily view the budget, actual items billed, and any variances for all phases, tasks, and sub-tasks.
For additional details regarding litigation matters, please contact Matthew Wagman at 410.385.3859.
For additional details regarding transactional matters, please contact Joe Ward at 410.385.3569.