Slowly suffocating the billable hour.
I cannot explain how ecstatic I am about this article on the death of the billable hour. In particular, think the following quote explains why I avoid the billable hour in most of my work.
A lawyer sells intellectual capital. The true value of which is not measured by time at all.
How does this help you, the client? Several ways:
- You are not writing a blank check to the firm; rather, you have a fixed and budgetable cost.
- I, as the attorney, lack any incentive to pad hours for more profit. Rather, the pressure is on me to complete quality work in reasonable amount of time - the attorney bears more risk than in an hourly fee arrangement.
- The attorney must spend more time with the client outlining the problems to be solved - the result is a better relationship between attorney and client with the bonus of having each stage of work outlined with precision.
Realizing this blog is about client needs and not my ego, I must say I firmly believe that hourly rates do not connote quality of lawyer. My goal is to be a trusted advisor to each client, a person to whom a client can come to with any issue knowing that, if I cannot help them, I will find someone who can. Value billing allows me that ability.
Chris Moander is an independent attorney based in Milwaukee handling business law matters, business litigation, and collections matters throughout Wisconsin.
