Sentences with phrase «traditional billable»

«Law firms need to understand their costs and gain deeper insight into the prices they charge clients if they are going to successfully transition away from the traditional billable hour model,» said Paul Saunders, Stewart McKelvey's first - ever Practice Innovation Partner.

I still think the traditional billable hour is appropriate for many more complex matters if you have a good trusting relationship.»

Under the traditional billable hour model, a client will instruct you to proceed and you will ask for an upfront retainer.

Many of our clients are no longer able to afford the traditional billable hour, in - office rates of even the smaller law firms and solos.

Billable Hour + Floor and Ceiling: This approach keeps the traditional billable hour as the base but protects both us and the client in case the volume of the work proves to be greater or smaller than anticipated.

AFAs provide certainty better than the traditional billable hour system as they are structured directly to the client's budget.

Matters are increasingly moving away from the traditional billable hour to various types of alternative fee agreements.

Instead, often due to budget restrictions from clients, attorneys now perform 80 % to 90 % of their work outside of what we know as the traditional billable hour, shifting to more task - based billing.

I can understand the contingency concept as an alternative to the traditional billable hour.

Much of modern practice requires software intervention, and it is only natural for today's client - cum - consumer to expect technology will afford them some savings and relief within the traditional billable - hour model.

Indeed, the practice and business of law lives up to the old adage that «time is money,» and survey respondents report that, on average, 72 percent of their fees are based on the traditional billable hour model.

Although the entire firm would benefit from their non-billable efforts, the traditional billable hour model disincentivized the work.

Riverview Law has been consistently putting the client and the value their provide first, turning the traditional billable hour model on its head.

Tying this back into the evolving billing model that is emerging in the legal sector, this may mean sacrificing a bit on the traditional billable hour model in order to make sure the client is happy with the cost of your services, as well as the quality.

Not exact matches

In practical terms, that will free up the design staff to do more creative, speculative work because it will take fewer traditional «billable» hours from the staff to cover the firm's operating costs.

These are not traditional health care services so they have not traditionally been billable by the Medicaid program.

Those against raised the specter of abuse (there are several questionable agents in Writer Beware's files who soak their clients for billable hours while doing little or nothing to place manuscripts with reputable publishers), the loss of agents» entrepreneurial edge if they got paid no matter what (the fact that the agent profits only when the writer does is at the heart of the traditional author - agent relationship); and, of course, the possibility that only wealthy writers could afford to have agents.

Is this deliberate on the part of the vendors to cater to the traditional law firm culture of the billable hour?

Enrico Schaefer at The Greatest American Lawyer suggests the shrinking BigLaw sector may not be a bad thing at a macro level since it will provide an opportunity for foundational change in the market for legal services as new legal service models (e.g., alternative billing) start competing with the traditional approaches (e.g., billable hour), and clients start to have real choices.

Traditional management skills focus on concrete, and sometimes creative ways to: (1) create leverage, (2) raise billing rate, (3) create more billable hours, (4) reduce expenses, and (5) make operations more efficient and therefore more economical.

Nadia Haque, Associate, Radiant Law: Haque explains that even if she is ambitious and wants to succeed, she does not want to do so in the environment of a traditional law firm and its focus on billable hours.

For example, there is the usual agonising over the future of the billable hour and a reference to the debate about whether the traditional law «Cravath» pyramid model of legal partnerships — these are issues causing distress to lawyers all around the world.

Our small firm values allow us to eliminate the inefficiencies inherent in traditional law firms — hidden charges and rigid billable hour pricing — in order to provide value to you.

The result is that our partners typically receive much higher take - home compensation than they would receive for performing identical billable hours in a traditional law firm.

«Plainly, the imposition of budget discipline on law firm matters forces firms to a very different pricing model than the traditional approach of simply recording time and passing the associated «costs» through to the client on a billable - hour basis [italics supplied by me].»

Although she loved the work that she did and the awesome clients she served, Radiance realized that she was not a fan of the traditional law firm or billable hour model, and neither were her clients.

A startup needing a lawyer to assist it in a specific acquisition or other event might want to retain the unbundled services on a project basis, rather than retaining the traditional firm on the billable hour model for full - representation.

I have written before about how lawyers can use unbundling as part of a marketing strategy for their law firms to differentiate themselves from traditional full - service law firms that stick to the billable hour model.

Our small firm values allow us to eliminate certain inefficiencies inherent in traditional law firm models, including rigid and ever - escalating billable hour pricing.

With traditional law firms, the focus is maximizing their billable hours from management to associate.

Finally, the traditional way of pricing legal services is based upon billable hours, or time spent.

Not only is efficiency never rewarded in the traditional model, but efficiency's opposite, billable hours, are.

he has a bird's eye view of how pricing pressure and other changes are shattering the traditional practice model centered around the billable hour and paper - intensive workflows.

The demand side is substantial, with several hundred billion dollars spent on legal services each year.2 On the supply side, incumbents are clinging to traditional models — including the billable hour — as alternative options emerge.

Unhappy with more traditional document management solutions on the market, Kevin and I realized that such products would never truly be effective in a law firm because lawyers will always focus on providing clients with quality counsel and securing and generating billable work.

This impedes on a large percentage of billable hours (see above) a traditional legal firm would impose on a client.

Plainly, the imposition of budget discipline on law firm matters forces firms to a very different pricing model than the traditional approach of simply recording time and passing the associated «costs» through to the client on a billable - hour basis.

If you follow my blog, you know I am a fan of disrupting traditional methods of practicing law, which includes the billing method, a.k.a the infamous billable hour.

The traditional models of adversarial advocacy, all - or - nothing representation and the billable hour that have proved profitable — albeit to a diminishing extent — for this generation of lawyers are not acceptable to sophisticated millennial consumers.

As a practice manager or managing partner, find ways to measure your real goals (profitability is not the same as billable hours) and help your teams manage the gaps between obvious and traditional measures and your long - term business health.

Sure, most associates may still have minimum billable hour requirements, but general attitudes about compensation seem to be shifting toward models where the killer gets less than the traditional lion's share in order to feed the less voracious members of the pride.

They can choose to work at larger, traditional firms which have a business model that requires a certain amount of billable fees earned each year per lawyer to remain profitable.

The premise for this resource is that many traditional law firm business models and cost management strategies (read reward more billable hours) are not aligned with what corporate clients really want and need: value - driven, high - quality legal services that deliver solution for a reasonable cost and develop lawyers as counselors (not just content - providers), advocates (not just process - doers) and professional partners.

In the traditional law firm model, there is immense pressure on lawyers to pound out more billable hours each year; to work harder in order to make more profit.

Moreover, he or she will review and analyze the documents much quicker than attorneys are able to do in traditional litigation cases, thus saving the clients many billable hours.