Much has been written over the years about the death of the billable hour. As law firms struggle to maintain profitability, if not their survival, in the current economic climate, the debate over the almighty billable hour has been renewed. Firms have resisted change, driven by a variety of factors including uncertainty of profitability, the tradition of the billable hour, and fear that attorneys’ representation of matters could be compromised if they feel limited to certain time constraints to maintain profitability levels.
There’s no doubt that many clients are forcing their law firms to explore alternative billing methods, whether they like it or not. And it’s not just about saving money. It’s about clients, perhaps feeling they have leverage, seeking value and accountability for the fees they are charged. Whether that’s the case or not, it’s a good time for firms to analyze the different methods and discuss with their clients which ones make sense.
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