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Survey Shows the Bell Is Tolling for the Billable Hour
Companies are successfully pushing their outside counsel to abandon the billable hour, a new survey indicates. The survey of 587 general counsel and chief legal officers found that 39 percent paid law firms more money this year under alternative fee arrangements than they did in 2008. "People are assuming the change is here to stay," says Susan Hackett, general counsel for the Association of Corporate Counsel. "We've turned a corner, and I don't think we're going back."
December 01, 2009 at 12:00 AM
1 minute read
By Amy Miller |
Updated on December 01, 2009
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The original version of this story was published on Law.Com
Companies are successfully pushing their outside counsel to abandon the billable hour, a new survey indicates.
In October, The American Lawyer and the Association of Corporate Counsel jointly surveyed 587 general counsel and chief legal officers, and found that 39 percent paid law firms more money this year under alternative fee arrangements than they did in 2008. Meanwhile, just over half (53 percent) said spending on alternative fee arrangements had stayed the same. Only 8 percent said it had fallen.
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