After eight consecutive years of rising profits at Morgan, Lewis & Bockius due to the global firm’s experimentation with fixed and subscription-based pricing, leaders are looking to incrementally divorce the firm’s business from such longtime industry standards as revenue based on the billable hour.

“One of the things I think successful law firms need to do right now is come up with successful and creative ways to come up with economics, not like when I practiced law when everything was tied to the billable hour,” said chair Jami McKeon, whose term was extended through 2026 via a unanimous partner vote last week.