Director Michael B. Ray was mentioned in the article "Four Firms Reveal How They Meet In-House Fee Demands," published by Managing IP. From the article:
"Michael Ray, managing director of Sterne Kessler in Washington DC, says his firm offers both soft and hard caps and that the concept of soft caps came to his firm from a client that preferred them. He says he also prefers soft caps because they motivate his firm to be as efficient as possible but to still get paid for its work.
He adds that firms can combine soft and hard caps, which means that they would offer discounts at a certain point and then stop charging later on."