Friday, October 27, 2006

Flat Fee Billing by Law Firms

Two blogs have very recent stories on the potential profitability and good client relations of using flat fee billing instead of hourly rates for all sorts of components of legal work, like depositions and discrete projects within a case, that are traditionally billed by the hour.  One is by Carolyn Elefant of MyShingle (directed to solo or small offices) and the other by Ed Poll (who thinks I am Childless, to the chagrin of my 2 kids) over at LawBiz.  Ed points out that most firms lack self-knowledge on their costs of operations, and in any event need to get the client involved. The readers' comments after Carolyn's post are very good (nice details), and she also has a funny post on translating the cook-it-yourself "convenience" service Dinner My Way into law practice.  [Posted by Alan Childress]

http://lawprofessors.typepad.com/legal_profession/2006/10/flat_fee_billin.html

Billable Hours, Economics, Law Firms | Permalink

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