Monday, August 24, 2009

Seriously, you've heard it here before -- billable hours are on their way out

See this morning's Wall Street Journal (front page, below the fold): here. See also here, here, here, here, here, here, and here. I know I'm becoming a broken record, but there's no way that clients are going to continue to help law firms meet their budgets (and keep associate salaries high--for those associates who still have jobs) on a piecemeal approach when they can simply shop around for equally talented lawyers who are willing to try alternative billing methods.

And while I'm on the subject of shopping around for professionals who are willing to do good work for lower fees, don't forget to read the Energy Partners case discussed in this Wall Street Journal blog post (here).


Anonymous said...

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Feigin, Patent and Trademark Attorney said...

One of the big reasons to do a flat fee structure - honesty. The client knows how much they are going to pay and the attorney knows what is expected of him/her. It can't be done in all cases, because sometimes, you really don't know how long it will take (e.g. dealing with an adversary). From an attorney's perspective, there's also much less arguments about the final bill when you do a flat rate, e.g. next to none.