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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.
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.
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.
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.
Clients are demanding alternatives to the billable hour, and that is changing how solos and firms are behaving in light of these new expectations.
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.
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 is the gold standard for timekeeping and billing. It's easy to use, mobile-friendly, and comes with world-class customer service.
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.