Vedder Thinking | News Bruce Radke Quoted in Law360 Article on Creative Fee Arrangements Offered by Privacy Attorneys
July 22, 2013
Bruce Radke, Vedder Price Shareholder and Chair of the firm’s Records Management, eDiscovery and Data Privacy practice group, was recently quoted in a Law360 article discussing the trend of law firms offering alternative fee arrangements to companies in the areas of privacy and data security counseling. Some of the arrangements discussed in the article include flat fees and alternative fees, including, the benefits and drawbacks of each. Other firms have found that the "assess and prioritize" approach works when clients are allowed to select from a menu of service offerings. Some firms have also found success offering compliance and response services to small and mid-sized business that are beginning to make data security a priority but have fewer obligations than global companies. Mr. Radke weighs in on the subject of complex data breaches saying, "Oftentimes, data breaches are fairly complex and firms don't know what they're getting into until they've got a couple steps into the investigation, and due to time pressures, their first and foremost goal and focus is putting out the fire and containing a breach, as opposed to coming up with the fee estimate."
Although there are many alternative fee approaches out there, the consensus is that by clearly defining the scope of anticipated services at the beginning of a client relationship and then maintaining an open dialogue, a firm can easily work through unexpected issues.
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