Four Reasons Billing by the Hour is a Competitive Disadvantage
The billable hour destroys innovation, it doesn't capture value, it is a terrible measure of performance, and causes tension between clients and lawyers. Increasingly, it also puts your firm at a competitive disadvantage.
Podcast #43: What An Innovative Law Firm Really Looks Like, with Peter Carayiannis
What does an innovative law firm look like? According to Peter Carayiannis, whose firm, Conduit Law, has been twice nominated for an innovative law-firm award, it’s less about technology and more about clients. And you know what, it’s not your fault that you can’t encrypt your email. Stop trying and just use a secure portal.
Podcast #32: Sonia Miller Van Oort’s Non-Traditional Law Firm
What does a law firm look like without the traditional hierarchy? Sona Miller Van Oort's firm has a flat governance structure, transparent compensation, and offers alternative-fee arrangements to every client. Plus, why it's silly to let your hardware dictate your law-firm policy.
Even Yale Knows Billable Hours Are Awful
Working on the billable hour model is a lesson in the law of diminishing returns. At least that's the takeaway from Yale Law School's Career Development Office. According to Yale's numbers, to bill 1800 hours per year you would have to "work" over 2400 hours.
Alternative Billing That is Friendly for Lawyers and Clients
Clients are demanding alternatives to the billable hour, and that is changing how solos and firms are behaving in light of these new expectations.
Find Out How Much You Are Overbilling Your Clients
Waiting until the end of the month to record your time means adding 23% to the bill. Start billing in real time before your clients (or ethics boards) find this article and start asking questions.
How to Offer Subscription Fees
Subscription fees can be a great fit for legal services, depending on your practice area and whether your clients have ongoing legal needs. Here's how to offer them.
Freshbooks: the Gold Standard for Timekeeping and Billing
Freshbooks is the gold standard for timekeeping and billing. It's easy to use, mobile-friendly, and comes with world-class customer service.
Breaking the Time Barrier: How to Unlock Your True Earning Potential (Book Review)
In order to understand difference between time and value, just read Breaking the Time Barrier. In about an hour, Mike McDerment will get you up to speed on the fundamental difference between churning billable hours and delivering value to your clients.
Are Billable Hours Eroding Trust Between Lawyers and Clients?
Billable hours are again being scrutinized as a result of alleged overbilling by a large law firm. Is hourly billing eroding the trust between lawyers and clients?
Billing by the Hour: We Didn’t Always Do It That Way
Billing by the hour is an established custom within the legal profession. We always didn’t always do it that way.
A Personalized Cover Letter Should Accompany Legal Bills
Use a personalized cover letter when sending out legal bills to clients. Letters communicate value and appreciation better than an invoice alone.
Alternative Fees: Hourly Billing in Drag?
Are alternative fee arrangements merely hourly billing disguised as something else? Are alternative fees appropriate even in unpredictable matters?
Why Pricing Should Be Part of Your Marketing Strategy
Your pricing strategy is not just an accounting activity meant to balance the books, but a signal of the quality of your work and support for branding.
Consider Alternative Fee Arrangements, but Don’t Give Up On the Billable Hour
Many firms--big and small--will embrace alternative fees in the coming years. The trick is to do it well, and not give up the billable hour entirely.