Posts Categorized: Billing

The high price of poor pricing

Posted by & filed under Billing.

The cynic knows the price of everything and the value of nothing. The average lawyer, by contrast, knows the value of everything but the price of nothing. You’ve got to admit there’s something to that. We lawyers go on at great length about the value we deliver to our clients, the signal importance of having… Read more »

Pricing to the client experience

Posted by & filed under Billing, Clients, Marketing.

Many lawyers, gnawed by doubt, regularly ask themselves, “What should I charge?” It’s the question with a million right answers — which is to say, with no right answer at all. Whatever number you finally settle on, however, is less important than the process by which you arrived at it. As far as I can… Read more »

The new price wars

Posted by & filed under Billing, Clients, Innovation.

Their World Series victory last fall wasn’t the only surprise the San Francisco Giants sprang on the baseball establishment. Throughout the 2010 season, the team engaged in “dynamic pricing,” changing the price of single-game tickets according to demand. The same seat for a Monday night yawnfest in May against the Washington Nationals, for example, would… Read more »

Book Review: The LegalBizDev Survey of Alternative Fees

Posted by & filed under Billing, Books.

The LegalBizDev Survey of Alternative Fees, by Jim Hassett, Ph.D. (Boston: LegalBizDev, 2009) Okay, strictly speaking, it’s a report rather than a book. But I’m so interested in talking about this publication and its importance to the developing field of alternative fee arrangements (AFAs, a topic we’re focused on these days at Edge) that I’m… Read more »

The new rules of pricing

Posted by & filed under Billing, Clients.

Recently, I’m told, several GCs and senior lawyers of large law firms gathered in London for a high-level conversation about new billing mechanisms. One noteworthy observation to emerge from the meeting was the law firms’ insistence that whatever new mechanism was developed, it had to take into account chargeable time invested in the work. I… Read more »

Beyond billing

Posted by & filed under Billing.

Even a dyed-in-the-wool optimist like me didn’t think there’d be so much progress so fast on what’s increasingly referred to as “alternative fee arrangements” (AFAs). Fulbright & Jaworski’s 6th Annual Litigation Trends Survey says 45% of clients are using AFAs like fixed and outcome-based fees. Hildebrandt’s survey of 231 companies showed about half are or… Read more »

Targeting the variable fee

Posted by & filed under Billing, Innovation, Talent.

For as long as most lawyers can remember, the billable hour has defined, powered, and shaped their law firms. It determines how lawyers work, how they sell their work, how much they earn, and how they assess and reward their employees. It breeds inefficient, overworked lawyers and frustrated, resentful clients; but it has also proved… Read more »

Breaking the big firm

Posted by & filed under Big Firms, Billing, Diversity, Talent.

My strongest, greatest fear by far, if it’s not too soon to look to the “other side” of this financial system meltdown and general economic interregnum, is not that things in law-land will look overly different when we emerge, but that they won’t look different enough. That observation comes from Bruce MacEwen of Adam Smith… Read more »

Momentum

Posted by & filed under Billing, Innovation, New Lawyers, Outsourcing.

Momentum is one of those things everyone talks about but nobody can ever precisely define or quantify. It’s that sense that things are turning around or gathering speed in a certain direction, usually for the better — with a corollary borrowed from physics that the larger the object and the greater its velocity, the more… Read more »

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