Pundits have predicted the death of the billable hour for years, but with little change in the competitive landscape. However, the ongoing recession and resistance to increased rates from clients has pushed many firms to begin experimenting with alternative billing systems to maximize value—for both the firm and the client. How do these systems work, when should corporate counsel consider them, and how can they be positive for both law firms and their clients? Topics to be discussed will include: • Types of Alternative Billing Arrangements • When Alternative Billing Should (and Should Not) Be Considered • How Alternative Arrangements Can Work in Practice for Corporate Counsel • When the Billable Hour Makes Sense