Are companies witnessing the death of the billable hour -- or the rise of discounted hourly rates? A recent ALM survey reports that 72.8 percent of fees paid to outside counsel in 2009 were based on billing arrangements other than standard hourly rates or the billable hour. The results seem to show an increased willingness by law firms to diverge from the traditional billable hour, but are firms really offering more fixed-fee arrangements, or just more discounted hourly rates?
October 12, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Are companies witnessing the death of the billable hour … or the rise of discounted hourly rates?
In what could be more good news for in-house legal departments, a recent ALM survey showed a spike in the use of alternative billing arrangements last year. The “Law Department Metrics Benchmarking Survey, 2010 Edition” reports that 72.8 percent of fees paid to outside counsel in 2009 were based on billing arrangements other than standard hourly rates or the billable hour.
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