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Hourly billing is the currency by which law firms have operated for a long time and talk of the death of the hourly rate goes back many years. However, much of the recent debate misses the basic point. Whatever the pricing model used, it is important that the fees accurately reflect the value delivered. When these are not appropriately aligned, issues can arise with the client. This is not unique to law firms; it is true for many professional services including tax and financial advisers and accountants.

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