It may not get much respect, but the billable hour sure has a lot of staying power. First appearing in the late '50s, the hourly billing rate caught on in popularity, partly because law firms could use it as an excellent income predictor. But as operating expenses began to mount, firms had to raise hourly rates, and then hourly quotas for attorneys -- and thus began a vicious cycle. But even with a host of alternative billing models, and many critics of hourly billing, the billable hour endures.
June 20, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
As Abraham Lincoln once said, “A lawyer’s advice is his stock in trade.” That short phrase has been repeated by attorneys throughout the years and is etched on brass plaques hanging in law firms worldwide.
Clearly, Abe knew the value of his expertise. He also was reportedly a stickler for collecting payment. If money was tight, clients might hand over a milk cow or plump hen as payment for his services.
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